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New or Old Tax Regime?
Manage episode 462815539 series 3626341
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In this episode, Monika helps you decide between the old and new tax regimes, guiding you through how to choose the right option for your financial situation. She explains the differences between the two regimes, how the new system was introduced in Budget 2020, and the pros and cons of each. Monika emphasizes the importance of understanding your deductions and income level to make an informed choice and offers simple guidelines to help you decide. She also touches on the expected shift to the new regime in the future and how it might affect your tax planning.
Monika then delves into the standard deduction, a tax break that reduces your taxable income without requiring proof of expenses. She explains how this deduction works in both the old and new tax regimes and why it’s a helpful tool for simplifying your taxes. Monika highlights the flat standard deduction available in the new tax regime and how it addresses concerns for salaried individuals who may not benefit from itemized deductions. She wraps up with a brief look at the benefits this deduction brings to taxpayers across various income brackets.
Listener queries bring in valuable real-world questions. Mr. S from Coimbatore, a 20-year-old just starting his career, asks for advice on choosing mutual funds for SIPs. Avantika Kapoor from Dubai inquires about surrendering her whole life policy. Suraj Paul from Bangalore seeks guidance on whether to handle his financial planning independently or hire a professional.
Chapters:
(00:33 - 05:06) Should you choose the old or the new tax regime?
(05:07 - 06:02) Understanding standard deduction
(06:03 - 09:08) How to choose a mutual fund
(09:09 - 13:08) Should you exit your whole life policy?
(13:09 - 15:00) Should you DIY or hire a financial planner?
https://cleartax.in/s/old-tax-regime-vs-new-tax-regime
If you have financial questions that you’d like answers for, please email us at [email protected]
Monika’s book on basic money management
https://www.monikahalan.com/lets-talk-money-english/
Monika’s book on mutual funds
https://www.monikahalan.com/lets-talk-mutual-funds/
Monika’s workbook on recording your financial life
https://www.monikahalan.com/lets-talk-legacy/
Calculators
https://investor.sebi.gov.in/calculators/index.html
You can find Monika on her social media @monikahalan.
Twitter @MonikaHalan
Instagram @MonikaHalan
Facebook @MonikaHalan
LinkedIn @MonikaHalan
Production House: www.inoutcreatives.com
Production Assistant: Anshika Gogoi
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