Do you know what the experts say about which of the old and new tax systems is more effective?

New or Old Tax System: If you want to claim tax exemption while filing your Income Tax Return (ID Return), you should first know about the exemptions available under the new and old tax system. Through this, it will be known how much tax exemption benefit the taxpayer will get by filing the ID return under the new tax system and how much benefit will be available under the old system. After getting this information, it will be easy to choose between new and old tax system. Come and find out what the experts have to say about the deductions available under the new tax system and the old tax system. Exemption under new tax regime: If an employee is going to file an ID return under the new tax regime, the salary up to Rs 50,000 will be exempted under the standard deduction under the new tax regime, said Tax Manager Surendra Pandit. Apart from this, there is a provision to exempt family pension up to Rs.15,000 under this standard deduction. He said that in the new tax regime, ordinary depreciation (Section 32 of Income Tax) is available for traders, exemption under Section 80CCD (2) of Income Tax for NPS employers, Section 80CCH of Income Tax Section and Section 80JJAA for Agniwares. There is a provision for providing income tax to new employees. Surendra Pandit added that who will not get exemption under the new tax regime. There are no people working there. Apart from this, there will be no exemption of House Rent Allowance (HRA), Leave Travel Allowance (LTA) and other types of allowances in the new tax regime. Additionally, there will be no deduction under Section 80C, 80D and 80G of Income Tax in the new tax regime. He said that employees and businessmen will be exempted on salary up to Rs.50,000 in the new tax system and family pension while filing the ID return under the old tax system. 15,000, exemption is provided under Section 80CCD (2) of Income Tax for NPS Employers, Section 80CCH of Income Tax for Agniwares and Section 80JJAA of New Income Tax for normal depreciation (Section 32 of Income Tax). workers. Apart from this, salaried persons can claim entertainment tax exemption under Section 16(ii) of Income Tax and professional tax exemption under Section 16(iii), House Rent Allowance (HRA), Leave Travel Allowance (LTA) and other types of allowances. But exemption under sections 80C, 80D and 80G is also available. Surendra Pandit Dos and Don'ts for Taxpayers Taxpayers have been reduced in the new tax regime in the tax slab rate. The advantage of coming to the new system is that if you claim a total deduction of Rs 4 lakhs and 4.5 lakhs, you have the advantage of staying with the old tax system. Now what is this for 4.5 lakhs? So Rs 1.5 lakh in 80C, Rs 50,000 in 80D, Rs 50,000 in NPS and Rs 2 lakh including house rent interest should be given for Rs 4.5 lakh. The new taxation system will benefit the common man. Tata's miracle: Electric vehicles will be built by charging electricity, file ITR, Income Tax Department has developed a new tax regime. If a person does not opt ​​for the old tax system, he will automatically switch to the new tax system. In such a scenario, it will not be available to those who are availing of large deductions in income tax. They have to choose before choosing. Therefore, you have to opt for the old tax system before filing the ID return. Not only this, it is necessary to file ID returns on time to continue with the old tax system. RBI opens treasury, records dividend payout The post Which of the old and new tax systems is more effective, do you know what experts say? Prabhat appeared first in Kabar.