Benefit of new tax regime for 13L+ salary earners
Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower income tax rate scheme announced in union budget.
The ministry has made an impact analysis of the proposed low personal income tax rate regime in the case of salaried people who avail themselves of tax deductions of ₹2 lakh and non-salaried individuals of ₹1.5 lakh, who account for about 92% of the 5.79 crore income tax return filers in the country.
The analysis done shows that the scheme will offer a tax saving of ₹5,200 to a salaried individual earning ₹13 lakh, while a person with ₹14 lakh salary will make a saving of ₹10,400 and anyone with a salaried income of ₹15 lakh and above will save ₹15,600. more
Is there any benefit to Super Senior citizens in the new Tax regime, specially to a Govt. Pensioner? more
For Senior Citizens and women the tax starts from 3 Lakhs in the old scheme .
In the new scheme the tax starts from 2.5 L
So loss of 2500 for senior Citizens .
Furthe scrapping exemption limit of 80TTB
,50,000 interest income from FDs for Senior Citizens is another worst decision of FM .
Does it show balanced budget !!
FM should not scrap these two points in the
interest of senior citizens welfare . more
Chandan ji, I know that the new rates avoid the hassles of any kinds of proofs. My query was - In the comparison that has been given as part of Govt PR release have they taken into account HRA exemption in the current tax structure when showing that the new regime would help save taxes ? I have seen in newspapers and on online news publications that shifting to the new regime would increase the tax liability. more
what are the tax provision for senior citizens? Is section 80 TTB also stands abolished? more
Continue with old tax rate & enjoy all the rebates. more
If the government is really interested to help the salaried and the genuine tax payers they should go in for the Transaction tax system. This will not only reduce the burden of tax monitoring but will bring in more revenue in the form of tax as a majority will not be able to escape taxation. Curbing the black money is possible only to a limited extent. more
Either way GST is your transaction tax for all the purchases. more