Get the app
Personal Finance
Personal Finance
on
SparklyBanana
SparklyBanana
Qualcomm

Fresher in the 30 % tax bracket old regime or new regime

As a Fresher in the 30 % tax bracket should I choose old regime or new regime ?

29mo ago
Jobs
One interview, 1000+ job opportunities
Take a 10-min AI interview to qualify for numerous real jobs auto-matched to your profile 🔑
+322 new users this month
ZoomyUnicorn
ZoomyUnicorn
Adobe29mo

If you have deductions beside 80C (like education loan etc.) old regime might make sense. If it is only 80C, you might be better of with new regime. Anyways what you declare to your company is not binding. You can always switch at the time of filing ITR to whichever benefits you the most.
You can enter the numbers on Cleartax and it will tell you exactly which one might be better for you.

SparklyBanana
SparklyBanana
Qualcomm29mo

Okay Thank you. Do you suggest hiring a CA ? How much would it cost

ZoomyUnicorn
ZoomyUnicorn
Adobe29mo

CA can help you find unscrupulous ways to reduce tax liability.

SleepySushi
SleepySushi
Stealth29mo

Old.

SparklyBanana
SparklyBanana
Qualcomm29mo

But which deductions can I apply for ?

SleepyTaco
SleepyTaco
Stealth29mo

If you have these commonly occurring deductions, then go for old regime:

  1. Rent/HRA
  2. Education loan (entire interest can be deducted)
  3. Home loan
  4. 80C deductions like PF, ELSS mutual funds etc
  5. NPS
Discover more
Curated from across