Ye ho Nahi sakta
No income tax for income up to 15 lakhs
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What if they implement it from next year FY25-26
Centre mulls income tax cut in 2025-26 Budget amid middle-class heat
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Maybe upto 10lakhs can be expected
don't keep any expectations from them. Government needs money for all the various "schemes" they are running.
They are trying to maximize the tax collection , so I don't believe it. Lets say if they do this , then as per me they will introduce some other taxes which will result in more tax outgo.
guess the title is misleading as your article and as well as others in the internet suggest further income tax cuts may be introduced and not "no income tax"
The Union government is reportedly considering a reduction in income tax for individuals earning up to Rs 15 lakhs, according to a media report.
New Tax Regime had the below reductions in 2024 budget
1) Earlier 3-6L had 5% tax and it was increased by 1L as now 3-7L will be taxed at 5%
2) Similarly 6-9L had 10% and now its increased by 1L so 7-10L will be taxed at 10%
3) Also Standard Deduction for salaried employees has been increased to Rs. 75,000 and family pension from Rs. 15,000 to Rs. 25,000
4) NPS Contribution deduction limit on employer's contribution has been increased to 14% from 10%.
so expecting further cuts in the slabs
Upgrade to 8L (without any rebate act/sections) is practical in these days... though income from capital gains/markets shall still feel the heat what I surmise... GST shall be tweaked to make up the gap... Oh, maybe abolish old tax regime from FY26-27 with a warning/spoiler through a kavita this year...
Nirmala Taxiraman is getting mood swings
Then the Govt will install Blood Sucking devices on Signals.
don't keep any expectations from them. Government needs money for all the various "schemes" they are running.
They are trying to maximize the tax collection , so I don't believe it. Lets say if they do this , then as per me they will introduce some other taxes which will result in more tax outgo.
my vote doesn't matter , income tax payers are minority. People benefiting from the "schemes" decide who stays in power. People are getting free food and their mind is distracted in digging up places rather than any constructive work.