Deductions such as 80C, 80D, 80E, 80G, NPS, home loan, HRA, LTA, 80TTA, and 80TTB are not available under the new tax regime. As a result, most salaried individuals with a taxable income above 10-12 LPA continue to opt for the old tax regime. In summary, the tax rebate under the new regime does not benefit those who prefer the old regime with taxable income > 12LPA. Additionally, it is important to note that the ₹12 lakh income slab falls under the 10% tax bracket, which the government currently providing a temporary rebate plus ₹75K of standard deduction/exemption, which may tend to be revised in the next tax cycle.
EPS95 pensioners were expecting from govt but never shown any kind of courtesy in spite of repeated requests. EPS95 pensioners draw merely a paltry amount of Rs.1300.00 pm. Kudos to Govt for presentation of pro-poor budget.
Out of 7.5 Crore individual ITR filers , already 70 percent *do not pay* any tax. Income tax payers are only *1.6 percent* of the Indian population. Instead of widening the tax base , now the income tax burden further shifts on those earning more than ₹12.75 Lakhs i.e. less than 1 percent of the Indian population .
Simple calculation with example: Taxable income of 15LPA, after deduction of :- HRA :- 3 L (with rent receipt + pan + rent agreement) Section24 Home loan :- 2 L medical insurance:- 25 K section 80C:- 1.5 L Taxpayble:- old regime: Rs. 70200 new regime: Rs. 97500
Deductions such as 80C, 80D, 80E, 80G, NPS, home loan, HRA, LTA, 80TTA, and 80TTB are not available under the new tax regime. As a result, most salaried individuals with a taxable income above 10-12 LPA continue to opt for the old tax regime. In summary, the tax rebate under the new regime does not benefit those who prefer the old regime with taxable income > 12LPA. Additionally, it is important to note that the ₹12 lakh income slab falls under the 10% tax bracket, which the government currently providing a temporary rebate plus ₹75K of standard deduction/exemption, which may tend to be revised in the next tax cycle.
EPS95 pensioners were expecting from govt but never shown any kind of courtesy in spite of repeated requests. EPS95 pensioners draw merely a paltry amount of Rs.1300.00 pm. Kudos to Govt for presentation of pro-poor budget.
Out of 7.5 Crore individual ITR filers , already 70 percent *do not pay* any tax. Income tax payers are only *1.6 percent* of the Indian population. Instead of widening the tax base , now the income tax burden further shifts on those earning more than ₹12.75 Lakhs i.e. less than 1 percent of the Indian population .
Simple calculation with example: Taxable income of 15LPA, after deduction of :-
HRA :- 3 L (with rent receipt + pan + rent agreement)
Section24 Home loan :- 2 L
medical insurance:- 25 K
section 80C:- 1.5 L
Taxpayble:-
old regime: Rs. 70200
new regime: Rs. 97500
NAMASKARAM MAM
GREAT MAM
No relief for more than 12L salary