Marginal Relief EXPLAINED in New Tax Regime | Income Tax Calculation [Hindi]

What is Marginal Relief in New Tax Regime with Examples | Income Tax Calculation [Hindi]
In this video by FinCalC TV we will see What is Marginal Relief in New Tax Regime with Examples in hindi. We will understand marginal relief in new tax regime with the help of income tax calculation examples using excel calculator and online calculator for income tax in India.
Marginal relief helps small tax payers to pay less tax when the income increase slightly above Rs. 7 Lakh in new tax regime. This marginal relief is not available in old tax regime.
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CHAPTERS:
00:00 Marginal Relief in New Tax regime Intro
02:17 Income Tax Calculator Marginal relief examples
02:35 Rs. 5 Lakh Income Tax with Old Tax Regime
03:15 Standard Deduction Example
04:11 Income above Rs. 5 Lakh in Old Tax Regime
05:51 Rs. 7 Lakh Income Tax with New Tax Regime
07:23 Marginal Relief Example in New Tax Regime
11:01 Income Tax Calculator on FinCalC Blog
13:04 Conclusion
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After watching this video following queries will be solved:
What is marginal relief in new tax regime
Income Tax Slab Rates 2024-25
Old Tax Regime vs New Tax Regime
No Income Tax with new tax regime
New Tax regime income tax calculation
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2024 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
- Marginal Relief in New Tax Regime is a relief for small tax payers to pay less tax due to slight increase in income above Rs. 7 lakh
- With new tax regime, the tax rebate under section 87A has a limit of Rs. 25,000 when your taxable income is Rs. 7 lakh or less
- So when your income is Rs. 7 lakh, your income tax according to various slabs will be Rs. 25,000, but you get tax rebate of Rs. 25,000 under section 87A, due to which your effective income tax is Rs. 0
- But when your income increases slightly above Rs. 7 lakh, you would have paid this Rs. 25,000 as tax since now you are not eligible for tax rebate 87A
- This would be unfair since your tax liability in this case will be more compared to the income above Rs. 7 lakh with new tax regime
- So to solve this issue, government provides marginal relief to such tax payers where the income tax is higher than the actual income of the individual
- For above example of Rs. 7,00,010, the individual need to only pay Rs. 10 + cess of 4% on the amount that is above Rs. 7 lakh, instead of paying the rebate amount of Rs. 25,000 as well
This marginal relief helps the tax payers to pay the tax only for the amount above Rs. 7 lakh
#MarginalRelief #IncomeTax #TaxCalculation #IncomeTaxExcel #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.