Income Tax (Tamil) | New Tax Regime Vs Old Tax Regime | Which one is better? | Budget 2023

Budget 2023
New Tax Regime Vs Old Tax Regime: Which one is better?
Currently, there are two income tax regimes from which a salaried individual has to choose one every year. The old income tax regime continues with existing tax exemptions and deductions. The new income tax regime offers lower income tax rates and more slabs with no option of availing tax exemptions and deductions. The income tax slabs under the new tax regime have been revised from April 1, 2023.
We will see the complete details of both regimes with sample calculations and comparisons in this Tamil video @SM EDUTALK.
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DISCLAIMER: Everything shared in this video is only for the informational and educational purposes of the viewers. Before putting into practice anything mentioned in this video, Make a decision after seeking information, investigating, researching, or getting an expert opinion, SM EDUTALK IS NOT RESPONSIBLE FOR ANY DECISIONS MADE BY VIEWERS.
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[@aruchamygounder1678]

Your instructive information has really cleared our confusions,very very useful

[@SMEDUTALK]

Glad it was helpful!

[@prashanthitzme3123]

Mind-blowing Sir. Excellent explanation. Very clear. Thanks a lot Sir.

[@SMEDUTALK]

You are most welcome

[@aruchamygounder1678]

Thank you sir,indeed an eloborate detailed,and easily understandable explanation to follow.May god bless you in All.

[@SMEDUTALK]

Thanks and welcome

[@gowthamsenthil1623]

Thank you for the clear explanation bronow I understood about the old and new tax regime

[@SMEDUTALK]

Glad it was helpful!

[@rthj3825]

Awesome.! Very informative. Was very confused and this video is an eye opener. Keep up the good effort.!

[@SMEDUTALK]

Thanks for your appreciation

[@akshayavelmurugan8005]

Omggg amazing video brother 👏 Thank you so much helped me a lot🙏🏻

[@SMEDUTALK]

Glad it helped🙂💐

[@ambethkarhasan897]

Thank you for your clear explanation

[@SMEDUTALK]

You are welcome!

[@mohammedriyaz7623]

This video really answered all my doubts/questions. Thank you so much 😍👍🤝👌

[@SMEDUTALK]

Glad to hear that💐🙂

[@aruchamygounder1678]

Thanks.very useful information indeed

[@SMEDUTALK]

Welcome. Glad it was useful.🙂

[@venkataramananr7238]

Super Instructions Real Facts Observed

[@SMEDUTALK]

Glad you liked it

[@kalpanar2592]

Clear explanation..Thank you so much..

[@SMEDUTALK]

You're most welcome🙂💐

[@vivekk9408]

Very good information. Thank you

[@SMEDUTALK]

My pleasure.

[@gopalakrishnan5895]

This Topic is 👌 🌲 SUGGESTIONS (1) After submitting Budget "நீங்கள் Compare with Old Tax Regime, Old New Tax Regime & Revised New Tax Regime பற்றி தமிழ் மொழியில் புத்தகம் தயார் செய்து அதற்கு ஒரு விலை நிர்ணயம் செய்து விற்பனை செய்தால் நன்றாக இருக்கும். கணக்காளர்கள், தணிக்கையாளர்கள் & வரி செலுத்துவோர் அனைவரும் படித்து பயன் பெறுவார்கள் (2) Deductions & Exemptions என்னவென்று அந்த புத்தகத்தில் விபரமாக சொன்னால் நன்றாக இருக்கும்

[@SMEDUTALK]

தங்கள் மேலான கருத்துக்கு மிக்க நன்றி! நான் இந்த துறையில் புத்தகம் எழுதும் அளவுக்கு நிபுணத்துவம் பெற்றவன் அல்ல. எனது அனுபவத்தையும், கற்றறிந்த அறிவையையும் பிறருக்கும் பயன்படட்டும் என்ற நோக்கில் தொடர்ந்து பதிவிட்டு வருகிறேன். தங்களது ஆலோசனைக்கு நன்றி!

[@kasthuriappavu1398]

Excellent sir thank you so much

[@SMEDUTALK]

Most welcome

[@princesathyaseelan.g1871]

superb bro ...very useful video,,...thankyou

[@SMEDUTALK]

Welcome 😊

[@antronyxavierjerosinm3017]

Super and clear video bro... It's very useful... ❤🎉🤝👍🙌👌

[@SMEDUTALK]

Thank you so much 🙂

[@mkmeganathan9097]

Most Useful calculation, than you

[@SMEDUTALK]

Most welcome

[@vijayakumar1980]

Very good explanation

[@SMEDUTALK]

Thanks a lot

[@sureshraghu3539]

Semya present pannirukinga sir... Super...

[@SMEDUTALK]

Thanks a lot💐

[@satheeshkumar408]

Clear explanation

[@SMEDUTALK]

Glad you think so!

[@yadhunandhanr7590]

உங்கள் தமிழ் இனிமையாக உள்ளது 😄

[@SMEDUTALK]

மிக்க நன்றி!

[@rajasekarv3255]

All doubt are cleared this video is really useful thank U..

[@SMEDUTALK]

You are welcome

[@anand10987]

Thanks

[@SMEDUTALK]

Welcome

[@rajasekaran-dc8jf]

Good effort brother

[@SMEDUTALK]

Thanks brother

[@srikanthk266]

Very nice explanation. 👌

[@SMEDUTALK]

Glad you liked it

[@srikanthk266]

@SM EDUTALK Just a small clarification. Is a salaried person can switch any no times between old and new regime. ?,A known auditor who says only once allowed for every one.

[@SMEDUTALK]

A salaried person can switch any no times between old and new regime. You can refer the following links; economictimes.indiatimes.com/wealth/tax/how-many-times-can-you-switch-between-new-tax-regime-and-old-tax-regime/articleshow/97552053.cms?from=mdr www.businesstoday.in/personal-finance/ask-money-today/story/can-taxpayers-switch-between-old-and-new-tax-regimes-check-details-369599-2023-02-09

[@shahulhameed1898]

கடைசி வார்த்தைகள் குழப்பமாக உள்ளன. சேவிங்ஸ்போக என்கிறீர்கள். அது எந்த சேவிங்ஸ் போட்டால் gross income லிருந்து கழிக்க முடியும்? இது எந்த செக்சனில் கழிவு செய்யப்படும்?

[@SMEDUTALK]

Savings என்ற சொல் Income Tax Actல் உள்ள அனைத்து possible sectionsஐயும் (e.g. sections 80C, 80DDB) பயன்படுத்தி உங்களால் அதிகபட்சம் சேமிக்கும் பணத்தைக் குறிக்கிறது.

[@SureshReviews]

80ccd2la (govt employees cps )new rax regime la salary person deduction kamikkalama

[@SMEDUTALK]

Employer's contribution to NPS is allowed as a deduction under section 80CCD (2) while computing the employee's total income. However, the amount of deduction cannot exceed 14% of the salary in the case of central government employees and 10% in the case of any other employee.

[@nalayathan123]

Bro old regmie last year 165k tds.. Lic, Hra, tution fees itheelam kaatiyum ivalo amount tds. Pochu.. Bro.. So new regmie la auditor vaichu return eduka mudiyumaa

[@SMEDUTALK]

There are so many options ( other than section 80c ) in old regime. So, you can save some more. Or approach an auditor. He'll decide the suitable regime to you. I suggest you watch these videos to know some tax benefits; 7 ways to reduce income tax with the help of your children (Tamil)| Tax saving schemes kzbin.info/www/bejne/jIeZnpqNiZ52eZI 5 lakhs Income Tax deduction (Tamil) | Home Loan Tax Benefits kzbin.info/www/bejne/in3Cg6ysn8eris0 How to save tax on House Rent Allowance (Tamil) | Tax exemption on HRA | Step by step illustration kzbin.info/www/bejne/d2nMfGtpgLBqe6c

[@natarajanrenganathan2567]

What all we can invest or show proof in new regime ?

[@SMEDUTALK]

There are no such sections to show our savings in new regime.

[@srikarthicksudha9961]

Bro in new regime can we show housing loan interest amount up to 2lakhs which was done earlier

[@SMEDUTALK]

No, you can't.

[@user-el8lx5ml3m]

New regium il irunthu old regium iku mara mudiyuma. Salary for IT company

[@SMEDUTALK]

Yes, an individual can switch between the new tax regime and the old tax regime in every financial year. However, the facility to switch between the new and old tax regimes is available only for those individuals having salaried income and does not have business income.

[@ramamoorthysarangapani7258]

I am a super senior citizen having net taxable income including other income exceeds Rs 5lacs. I have to pay addl amount of Rs Rs12500 from 2.5 to 5lacs? Or have to pay tax only for the amount exceeding Rs5 lacs for fy 22-23? There are different version pl clarify namaste namaste namaste

[@SMEDUTALK]

For the financial year 2022-2023 (assessment year 2023-2024), the income tax slabs and rates in the old regime for super senior citizens (aged 80 years or above) are as follows: Up to Rs 5 lakh: No tax Rs 5 lakh to Rs 10 lakh: 20% tax on the amount exceeding Rs 5 lakh Above Rs 10 lakh: 30% tax on the amount exceeding Rs 10 lakh Based on this information, if your net taxable income, including other income, exceeds Rs 5 lakh, you would be required to pay tax only on the amount exceeding Rs 5 lakh. Super senior citizens over 80 years of age can avail the benefit of the old and new tax regimes as they have the choice to opt between the two, whichever is more beneficial. I think the old regime is suitable for you. I hope this answer is helpful to you, Sir. Take care.

[@ramamoorthysarangapani7258]

Thank you so sir God bless you

[@SMEDUTALK]

@@ramamoorthysarangapani7258 Thanks for your blessings sir

[@krishna1529]

New regime la return file pannum pothu refund vanga chance iruka!! Old regime return file pannuna konjam return varum..

[@SMEDUTALK]

Returns depend on your savings. If you have savings, you'll get returns in old regime. But, you won't get anything (except section 80 CCD (2)) in new regime.

[@krishna1529]

@@SMEDUTALK Thank you for your answer.. 👍

[@user-mc5mo2yk8k]

உச்ச வரம்பு ₹7,00,000 என்பது FY 2023-2024க்கு பொருந்துமா?

[@SMEDUTALK]

பொருந்தும்.

[@charles190668]

Bro, new tax regime ல 50000+2500 Professional tax கழிக்கலாம் தானே

[@SMEDUTALK]

yes

[@charles190668]

@@SMEDUTALK check again, கழிக்க முடியாது போல

[@SMEDUTALK]

Yes, you are partially correct. Under the new tax regime, Standard deduction under Section 16(i) is allowed, and House Rent Allowance [Section 10(13A)], Entertainment Allowance [Section 16(ii)], and Professional Tax [Section 16(iii)] are not allowed.

[@charles190668]

@@SMEDUTALK thank you 👍

[@ssprasanna3489]

5lak tax illa bro

[@SMEDUTALK]

Yes, when taxable income