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  

View all 7 comments Below 7 comments
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  
Post a Comment

Related Posts

    • Wrong TDS entry in Form 26 AS

      Need urgent advise from some one please - In my Form 26AS for assessment year 20-21, some entries of TDS has been shown under section 194C by some one with whom I never had any dealing. Moreov...

      By Brij Gupta

      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
    • Farmers must be taxed

      The tax system is currently design to squeeze the middle class. This must change. We are India’s most abused tax payers.

      By Aditi Jain

      I am cautioning the circle members and the general public at large that the insurance policies issued by ICICI are to be taken with a pinch of salt. The agents of ICICI who sell their policies as w...

      By Subramanian Sekaripuram Ananthakrishnan
    • Why one should insist for Fixed Deposit Receipt

      As you all know now-a-days whenever we request any sort of statement / report etc. from non-banking financial companies (NBFCs) i.e. insurance, chit fund, merchant banking, stock broking service p...

      By G D Binani
    • Beware of brokers

      2000 crore fraud by karvy on its customers. Sebi has banned it now. How come we only do bans and the regulators are never facing penalties and punishments for letting shit happen.

      By Aditi Jain
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)