Moneycontrol PRO

Financial and tax planning 2023-24: How to choose the most suitable tax regime | Simply Save

In this edition of the Simply Save podcast, Moneycontrol's Preeti Kulkarni speaks to Bhavesh Shah, senior partner with Mumbai-based chartered accountancy firm Hasmukh Shah & Co to understand why it is important to commence tax planning process early and how you should pick the tax regime most suitable to you. Tune in for more

April 10, 2023 / 07:51 AM IST

Simply Save

April is the month when most salaried individuals have to submit their proposed investment declarations – indicating the tax-saver investments they plan to make during the financial year – to their employers.

Beginning of a financial year is also the right time to evaluate and make changes to your financial plan. Your tax planning ought to be a subset of this process and not an exercise to completed in a hurry in March.

This year, the process has assumed greater significance due to a key announcement made in Budget 2023. Starting this year, the new, minimal exemptions tax regime will be the default regime. So, unless you state your intent to stick to the old tax regime, your employer will compute your tax liability after factoring in the new tax regime’s tax slabs and rates.

Preeti Kulkarni
Preeti Kulkarni is a financial journalist with over 13 years of experience. Based in Mumbai, she covers the personal finance beat for Moneycontrol. She focusses primarily on insurance, banking, taxation and financial planning
first published: Apr 7, 2023 01:44 pm