Will you benefit from it
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No income tax for income up to 15 lakhs

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Deal Cadet
Imperial_Penny

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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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.

Deal Cadet Deal Cadet
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If they do will you vote for BJP again?
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@Imperial_Penny

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.

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Hunk Hunk
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Ye ho Nahi sakta smile smile

Deal Cadet Deal Cadet
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If inflation goes up may be
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Crowdpuller Crowdpuller
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Maybe upto 10lakhs can be expected

Helpful Helpful
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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.

Deal Cadet Deal Cadet
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If they do will you vote for BJP again?
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Deal Cadet Deal Cadet
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image

Finance Ninja Finance Ninja
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kiski bajii?
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Deal Subedar Deal Subedar
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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"  smiley


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 plus1

Deal Cadet Deal Cadet
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Currently under new regime you need not pay tax on income up to 7 lakhs so nothing misleading if it increases to 15 lakhs there would be no tax. 
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Finance Ninja Finance Ninja
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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...

Deal Cadet Deal Cadet
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Most prefer old so RBI also want govt to remove old regime they can do that and make 15 lakh limit.
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Post Tycoon Post Tycoon
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Nirmala Taxiraman is getting mood swings

Finance Ninja Finance Ninja
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Don't take names, they are watching everywhere... especially when you discuss mood swings and menopause, etc...
Blaze Blaze
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Then the Govt will install Blood Sucking devices on Signals.

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