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.
In 2-3yr old regime will be gone rip tax planning
any change in 80c saving limit?
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.
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?
Under new tax regime -
80C Deduction(1.5L) - N/A
Standard Dedcution(0.5L) - N/A
80D Health Insurance Premium(0.75L) - N/A
HRA /LTA - N/A
Gov was advised to leave more money in the hands of people so that spending happens more and economy grows.
Government is too cunning to let go of a single benefit, rather asked people not to save and spend the money.
All eyewash at parliament mentioning huge losses to government and all BS.
Honestly do the Government expect all middle class indians to be that dumb.
Bada hi C**** kata hai FM nai...
I have been using Old Regime as using 80C/80D and NPS to maximize saving ... Nothing in the budget
It will be interesting to see how investment pattern changes for salaried class in next few years.
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.
I think such moves are towards simplification of tax regime.
Tax savings scheme are like "Mayajaal"
People tend to give so much time in small chunks to ensure that they are getting all deductions and actual goal of investing subsides in between.
My father was a salaried person, he was not that financially literate, he was sold so many life insurance plans on the name of tax savings, even more than the deductions allowed. After his retirement when I came to know about his such investment and studied some investment ways. I realized the worst form of investment was made ignorantly. If there was new tax regime, life insurance companies could not have sold such product. He could have invested in some other assets like real estate and mutual fund, which could have given far better returns.
These tax savings scheme are majorly controlled by Govt & Corporates as where one invests. At least people will have more flexibility, if taxation simplifies.
Old tax scheme looks lucrative but new tax regime can also be made lucrative without fixing the ways of how, where and how much a person invest. Then people will not be fooled to buy endowment life insurance plan in the name of tax savings.
Simple goal of taxation should be- Collect minimum tax from maximum(who ideally should pay tax)
So many street vendor earns in lakhs/crores, much more than any salaried class person. Govt to take some steps to include them also in taxation. All of them are not poor as the most people have the perception. But politically it is very delicate issue as these street vendor directly affect sentiments of poor people by showing themselves as poor.
https://newsroompost.com/india/250-streets-vend...
IT had put many of these under surveillance for a long time. No tax or GST payment was made by any of these suspects despite the immense amount of income.
Old scheme also available.. all who dont like. Must go with old.. i will go new way.. 7 lakh imcomr hai.. 0 tax.. monry can park on easy returms instead long terms.. again its ppl choice who want enjiy current life or budhapa in 7 start hotels
Haters will always hate whatever.. no changr in slab for old system so how its gonna affect u.. new systems who likr will njoy who dont like will go old way.. 1 
I wonder how many people(sensible) in India would be Okay to not have a term , health or life insurance. Not have small saving schemes to protect their future.
May be Gen Z thinks differently than Millenials.
Instead of bringing new slab rates or this new regime
They should have introduced increased relaxation for 80C and 80D.
80C should be 3L
and 80D which promotes health insurance should be 1L minimum.
Likewise mere 50k limit for NPS is way old and does not match with sky high salaries
Btw.. how to opt new or old scheme.. and can we we move vise versa on demand? Income 7 lalh show kar kuchh cc le lenge.. income to hai nahi itna 🤨
https://docs.google.com/spreadsheets/d/1UgJ-8_M...
Tried showing difference using a excel sheet
Is NPS 10% from salary deduction through corporate is applicable as tax exception in 'new tax regime' ?
Boycott kare iss sarkar ko, Halla Bol Publikk.
Chaddo bhi, sab public to ullu bana rehe he.
Waise v muja mark nahi padne wala kuch 30% e vrna he 
...
And who are getting very much happy thinking 7lakh pe zero tax 
please do some calculation
What do you think, People who are earning 10+Lakhs is this a Good Decision? Flat taxes , Although Other countries like Germany who take 40% as Corporate Taxes and 30% minimum in other Good and Commodities, Similarly Japan and South Korea being the most expensive Countries pay taxes heavily too, Is it enough for us to stay back in India, Learn and Grow, or Leave India and Shift to countries that has low Taxes? Just a Guess and a question to all the tax payers.
Initially switch is very easy, but once you build importance & trust in a good company, most of us don't think easily about switching. You keep climbing the ladder and forget about minimal pains, which you know you will overcome easily as you are successful in doing what you do.
Those who earn 750000 don't invest these much on deductions, even if they do, they are forced by the system to do it to save taxes. With new regime atleast people won't be forced by the system and give people the liberty to use their money as they want.
As expected it is only for new tax regime. 👍