New income tax rules have a catch

There is a big catch in increase in tax-free slab to ₹7,00,000 (with effect from AY 2024-25).

No income tax will be payable if your taxable income does not exceed ₹7,00,000.

But, if your total taxable income is above ₹7,00,00, you will have to pay income tax on the income exceeding ₹3,00,000.

Thus, God forbids, if your taxable income exceeds the tax-free limit by just ₹50,000, Govt will take ₹31,200 out of it.

Check this illustration.

(Keep in mind, if you aren’t a salaried employee, you are not entitled to standard deduction of ₹50,000) more  

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Govt is Befooling the Public. Certain things are a must and for which they were giving Rebates. Now for all such things, there is no Rebate. For Example Health Insurance for Senior Citizens. Actually there are so many people earning more then 8 Lakhs and are protected on one reason or other and are exempt from Income Tax. One such example is Filthy Rich Agriculturists. more  
what about 86yrs old pensioner with diseases causing lot of money for medicines and medical doctors visit, Please reply. more  
I want reply, Please. more  
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