https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064154
As expected it is only for new tax regime. 👍
Tax Slabs FY 2023-24 (Budget 2023)
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Tax rebate till 7 lakhs 😄
So if your income is below 7 lakhs, you'll pay zero in taxes...
But if your income crosses that 700000 number,
You'll pay full tax with zero rebate 🥲
- Applies on new tax regime
The old regime stays intact with no change.
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Top Comments
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064156
My prediction is 80% correct new tax regime is default now and with 7 lakh move in new regime (it was 7 lakh with deduction under old anyway) they want everyone to move in new
In 2-3yr old regime will be gone rip tax planning
In 2-3yr old regime will be gone rip tax planning
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064160
Jarvis.-. wrote:
My prediction is 80% correct new tax regime is default now and with 7 lakh move in new regime (it was 7 lakh with deduction under old anyway) they want everyone to move in new
In 2-3yr old regime will be gone rip tax planning
Chartered accountants be like, kya hi bachauun client ka paisa 🥲
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064167
The new income tax slabs under new tax regime -
Upto Rs 3 lakh: NIL
Rs 3 lakh- Rs 6 lakh: 5%
Rs 6 lakh-Rs 9 lakh: 10%
Rs 9 lakh-Rs 12 lakh: 15%
Rs 12 lakh- Rs 15 lakh: 20%
Over Rs 15 lakh: 30%
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064176
Original wrote:The new income tax slabs under new tax regime -
Upto Rs 3 lakh: NIL
Rs 3 lakh- Rs 6 lakh: 5%
Rs 6 lakh-Rs 9 lakh: 10%
Rs 9 lakh-Rs 12 lakh: 15%
Rs 12 lakh- Rs 15 lakh: 20%
Over Rs 15 lakh: 30%
Up to 7 lakh is income then - tax will be zero in new regime.
Old slabs will intact in old system.
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064191
Old regime is there or removed?
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064192
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064193
any change in 80c saving limit?
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064202
christiano wrote:any change in 80c saving limit?
No changes in old tax regime.
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064224
I have no idea why people are rejoicing the 7 lakh - no tax announcement. Are tax paying individuals in India that dumb?
Those who are earning 7 lakh are not paying tax already. 50k standard deduction and 1.5 Lac 80C brings the income to 5 lakh and thus no tax liability.
Now they have adjusted this in new tax regime. Nothing new.
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064229
Only first 7 lakh no tax and then brackets apply for additional income or no tax if taxable income is only up to 7 lakh?
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064230
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064234
neo13 wrote:exactly my question.I have no idea why people are rejoicing the 7 lakh - no tax announcement. Are tax paying individuals in India that dumb?
Those who are earning 7 lakh are not paying tax already. 50k standard deduction and 1.5 Lac 80C brings the income to 5 lakh and thus no tax liability.
Now they have adjusted this in new tax regime. Nothing new.
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064239
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064244
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064245
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064246
Amrit Kaal Budget
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064247
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ashish0193 wrote:Yeah that is want I meant. So no option for tax saving at all.
Yes if income is 1 rupee more, than income tax will be calculated based on tax slabs
0-3 nil, 3-6 5% etc.
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064251
https://www.desidime.com/discussions/tax-slabs-23-24?page=1#post_9064255
Expand
ashish0193 wrote:They can promote whatever they want. People will do what they want irrespective of everything. Savers will go on saving, spenders will go on spending. Just because one saves a bit of tax they won't go running away to purchase what is not required. We are not USA, we are Indians 😀
Govt promoting spending rather than saving.
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I have no idea why people are rejoicing the 7 lakh - no tax announcement. Are tax paying individuals in India that dumb?
Those who are earning 7 lakh are not paying tax already. 50k standard deduction and 1.5 Lac 80C brings the income to 5 lakh and thus no tax liability.
Now they have adjusted this in new tax regime. Nothing new.
govt will eventually abolish all tax saving schemes and rebates and the old tax regime will be discontinued or made irrelevant so that people automatically move to the new system. With current inflation and cost of living, specially in big cities, it is difficult to survive with 8-10 lacs salary. Most people have very little or nothing left after all the expenses and rent. To save some tax, people pushed for tax saving schemes and not all can complete 80C. Though the slab has been raised to 7 lacs, its still not enough. Those earning within 5-6 lacs were still not paying tax due to HRA benefits without any additional tax savings. But if people choose to move to new tax slab, there's no point in making tax saving FDs or ELSS etc. People not getting PF from companies could invest into PPF. Now with more in hand money (as no savings needed), most people in low income groups will tend to spend higher. Thats good for companies, bad for economy (and middle class families) in the long run. India is getting slowly pushed towards inflated credit economy like the west, where instead of depending on savings, people take loans and pay interest to banks and taxes to govt.
PS: Nothing against or for any political party. Any govt in power would do the same. THEY ARE ALL IDIOTS.
BJP govt wants everyone to move to the new regime. They didn't succeed when they introduced the new regime so some incentives seem to be added now. If they come to power next term, I guess they remove the old regime completely.