Breaking No Income tax upto 5 LAKHS annual income

[Raja321]

I feel sad when I see tax deduction on pay slip, and feel frustrated when Politicians take pride announcing free schemes with our tax money

In future
1) I am expecting total removal of Income tax and increase the GST for the requirement as we the only employees paying the tax and most of the business people just avoid or evade the taxes which increases burden on Employees.
2) Try to not implement Freebies which make people lazy but try to support the people with loans so that they will work and pay their loans.
3) Insurance scheme should be made popular for farmer community so that if at all there is any calamities there should be minimum burden on the farmers.

 

[Raja321]

Yes we were paying earlier too. That's why I said "we will continue to pay" in my post. Whatever may be the type of tax or percentage of tax, we pay in some form and get relief in some other form. That is what I was trying to say. Tomorrow Govt. may increase Income Tax rates and decrease GST rates.

Yes there is no free lunch for tax payers but burden can be reduced if government try to do something affecting tax evaders.

 

[Kiran Reddy]

In future
1) I am expecting total removal of Income tax and increase the GST for the requirement as we the only employees paying the tax and most of the business people just avoid or evade the taxes which increases burden on Employees.
2) Try to not implement Freebies which make people lazy but try to support the people with loans so that they will work and pay their loans.
3) Insurance scheme should be made popular for farmer community so that if at all there is any calamities there should be minimum burden on the farmers.

Good if that happens
But nowadays I see governments are targeting voters by making people lazy and dependent on them by increasing free schemes, to add to these a new way of direct money transfer to accounts (Rythu Bandhu in Telangana and Similar announcement today 6K for farmers). These may be useful for farmers but in my understanding many may misuse this instead of using for exact cause if given in direct form of cash.

 

[Maheswar]

Arnab Goswami is absolutely terrible. This guy is so shameless that not once has he raised the issue of unemployment and the burden of education loan on the youth. Today he's telling opposition to surrender and praise Modi. Arnab has not been critical at all and always praised the govt. So i want to ask him is this current govt totally flaweless? Journalism is supposed to be neutral and also be critical of the one in power.

He will be more terrible with

Arnab Goswami is absolutely terrible. This guy is so shameless that not once has he raised the issue of unemployment and the burden of education loan on the youth. Today he's telling opposition to surrender and praise Modi. Arnab has not been critical at all and always praised the govt. So i want to ask him is this current govt totally flaweless? Journalism is supposed to be neutral and also be critical of the one in power.

He will become more terrible because he is launching one more channel.

 

[DjangoBaba123]

According to this budget. 2 persons A & B.
A earns 4,99,999. No tax. So, money in hand = 4,99,999
B earns 5,00,001. 0 tax on 2.5 lakh + 5% tax on 2.5 lakh + 20% tax on 1 rupee. Total tax = 12500. Net money in hand = 4,87,501 (12498 less than A)
#WahModiJi
#Modinomics

 

[Real AB]

It's a shame that the government have broken the traditions and came out with a practically full budget rather than an interim one. This Rebate, yes it's a rebate not a change in slab and you won't benefit from it if your Income after deductions is 5 lakh+. Also this needs to be approved in parliament till then it's just a promise that we will do that if we win.

Also we need to wait for the finer details as to from where the funds will be generated for all the promises made, that's the most important thing.

For me, this government can't be trusted. They lie and lie and lie all the time, now even if they transfer 15 lakhs that they promised before 2014 to my account they won't get my vote

 

[Raja321]

According to this budget. 2 persons A & B.
A earns 4,99,999. No tax. So, money in hand = 4,99,999
B earns 5,00,001. 0 tax on 2.5 lakh + 5% tax on 2.5 lakh + 20% tax on 1 rupee. Total tax = 12500. Net money in hand = 4,87,501 (12498 less than A)
#WahModiJi
#Modinomics

it will same who ever may be running govt. they are just giving relief to people with <500000 income.
It applies to many even if you watch electricity bills calculation would be same (Ex: if you are consuming 100 units electricity it will be 260rs and if you consume 101 units it is 400rs in some states)
so don't get surprised with slab system.

 

[Viki]

*Wrong perception about NO Income Tax upto Rs 5 lakh to all tax payer, Income Tax is still payable @5% on Income upto Rs 5 lakh*

Finance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax to the on Income up to Rs 5 lakh, but when Finance Bills came on the records it clear the myth spread on the news media and other websites.

As per the Clause 8 of the Bill seeks to amend section 87A of the Income-tax Act to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to twelve thousand five hundred rupees from existing two thousand five hundred rupees. The tax rebate shall now be admissible to taxpayers having total income up to five hundred thousand rupees, instead of existing three hundred fifty thousand rupees.

*No tax upto total taxable Income of 5Lakh is in the form of rebate under section 87A which means It will be available to only those Individuals whose Total Taxable Income is less than or equal to 5Lakh (after availing all available deductions).*

There is no change in Tax slabs and there is no exemption to those Individuals whose total Taxable Income (after all deductions) is more than 5Lakh.

 

[piinku1]

In future
1) I am expecting total removal of Income tax and increase the GST for the requirement as we the only employees paying the tax and most of the business people just avoid or evade the taxes which increases burden on Employees.
2) Try to not implement Freebies which make people lazy but try to support the people with loans so that they will work and pay their loans.
3) Insurance scheme should be made popular for farmer community so that if at all there is any calamities there should be minimum burden on the farmers.

This is not going to happen at least in this century.

 

[Sarkar]

Arnab Goswami is absolutely terrible. This guy is so shameless that not once has he raised the issue of unemployment and the burden of education loan on the youth. Today he's telling opposition to surrender and praise Modi. Arnab has not been critical at all and always praised the govt. So i want to ask him is this current govt totally flaweless? Journalism is supposed to be neutral and also be critical of the one in power.

Reality is no party can do anything for unemployment unless we force birth control law like in China. Population is growing at 17% so it's obvious 8% GDP can do nothing. Unless we bring birth control law we are doomed