Union Budget 2024

[abhi1276]

New IT regime has Rs 25000 (87A) tax rebate, so we can exempt till Rs 750000 with rebate and Rs.75000 is additional exemption in the name of Standard deduction for salaried people, If you have an employee, then you can't pay tax till 825000 income.
3-7 lakh slab@5%=Rs 20000 and 7-7.5 lakh slab@10%=Rs 5000 total Rs 25000 tax rebate for any individual can get in new tax system

Why they don't simplify it. Why to make complicated by giving rebate. When they anyhow give rebate then they can straight away say it no tax till you earn this much. If rebate is 25000 then why news channel say you will save 17500 in new scheme.

 

[federer.reddevil]

Why they don't simplify it. Why to make complicated by giving rebate. When they anyhow give rebate then they can straight away say it no tax till you earn this much. If rebate is 25000 then why news channel say you will save 17500 in new scheme.

I think thats because Rebate was always there so this 25k is not new saving the new saving will be with changing of the tax percentages in certain slabs

 

[federer.reddevil]

Now no tax if your annual income is 8.25 lakhs in new regime

New IT regime has Rs 25000 (87A) tax rebate, so we can exempt till Rs 750000 with rebate and Rs.75000 is additional exemption in the name of Standard deduction for salaried people, If you have an employee, then you can't pay tax till 825000 income.
3-7 lakh slab@5%=Rs 20000 and 7-7.5 lakh slab@10%=Rs 5000 total Rs 25000 tax rebate for any individual can get in new tax system

No tax till 7.75L

Rebate I think is not like 25k fixed. Rebate is till 7L income which was 3L * 5% = 15k and 1L * 10% = 10k so total 25k

Now rebate is I think just 4L * 5% = 20k

The extra 5k you are saving by means of 5% decrease in tax slab rather than as a rebate (6L - 7L was taxed at 10% so 10k was rebate now taxed at 5% so rebate automatically becomes 5k) So no loss

If after SD of 75k if your taxable income is greater than 7L then you have to pay 20k tax for 3L - 7L income since you wont get any rebate of 20k. Rebate only when Taxable Income is equal to or less than 7L after SD but difference is it is now 5k less as previously you had to pay 25k tax for the income level of 3L - 7L if your net taxable income after SD was greater than 7L.

Income Tax changes: Rs 17,500 savings, tax exemption till Rs 7.75 lakh. Here's what taxpayers would get under New Tax Regime

Budget 2024: In a major relief for the taxpayers, Finance Minister Nirmala Sitharaman proposed more relaxation in the income tax slabs under the New Tax Regime for FY 2024-25.

www.businesstoday.in

Budget 2024: Rebate Under Section 87A Decreases By Rs 5K As Tax Structure Under New Tax Regime Revised -- Understanding The Math

After the revised tax structure under the New Tax Regime, the refund received has been decreased by Rs 5,000 due to latest proposed tax slabs. Continue reading to find out how the change in tax slab has affected your rebate.

zeenews.india.com

 

[honey95]

Just average budget with scope of private investments from other's countries to make manufacturing hub, For a salary person, he will feel pain if your bank accounts having more than 3-10 lakh in a year and you didn't file any Income Tax, spending your money in big pucharsing. In future, you will get income tax notice to way amount coz if you deposited small amount of money at every months that made way to 10 lakh in 12 months. You will cry.

 

[Ashok Varma]

No tax till 7.75L

Rebate I think is not like 25k fixed. Rebate is till 7L income which was 3L * 5% = 15k and 1L * 10% = 10k so total 25k

Now rebate is I think just 4L * 5% = 20k

The extra 5k you are saving by means of 5% decrease in tax slab rather than as a rebate (6L - 7L was taxed at 10% so 10k was rebate now taxed at 5% so rebate automatically becomes 5k) So no loss

If after SD of 75k if your taxable income is greater than 7L then you have to pay 20k tax for 3L - 7L income since you wont get any rebate of 20k. Rebate only when Taxable Income is equal to or less than 7L after SD but difference is it is now 5k less as previously you had to pay 25k tax for the income level of 3L - 7L if your net taxable income after SD was greater than 7L.

Income Tax changes: Rs 17,500 savings, tax exemption till Rs 7.75 lakh. Here's what taxpayers would get under New Tax Regime

Budget 2024: In a major relief for the taxpayers, Finance Minister Nirmala Sitharaman proposed more relaxation in the income tax slabs under the New Tax Regime for FY 2024-25.

www.businesstoday.in

Budget 2024: Rebate Under Section 87A Decreases By Rs 5K As Tax Structure Under New Tax Regime Revised -- Understanding The Math

After the revised tax structure under the New Tax Regime, the refund received has been decreased by Rs 5,000 due to latest proposed tax slabs. Continue reading to find out how the change in tax slab has affected your rebate.

zeenews.india.com

No reduction from 25k to 20k in budget for 87A tax rebate of new regime, so we can wait till budget approval for minor changes

 

[Ashok Varma]

Just average budget with scope of private investments from other's countries to make manufacturing hub, For a salary person, he will feel pain if your bank accounts having more than 3-10 lakh in a year and you didn't file any Income Tax, spending your money in big pucharsing. In future, you will get income tax notice to way amount coz if you deposited small amount of money at every months that made way to 10 lakh in 12 months. You will cry.

Not only for cash deposits, we can also receive notices for Fixed Deposits of Rs.10 lakhs and above in a year.

 

[federer.reddevil]

No reduction from 25k to 20k in budget for 87A tax rebate of new regime, so we can wait till budget approval for minor changes

Tax Rebate is for people whose income is equal to or below 7L after Standard Deduction previously it was 25k because that is the tax a person with income of 7L after SD had to pay as tax now its only 20k as thats the tax

Now its only 20k because you have to pay tax of 20k if income is 7L as per new slabs.

Also if you have even 1rs above 7L as taxable income after SD you wont be eligible for Rebate. So if your Taxable income after SD is 7,00,001 then you have to pay 20,800 as tax (20k + 4% cess) previously it was 26,000 (25k + 4% cess as tax)

 

[Sparker0i]

 

[honey95]

Budget didn't benefits for average common man. For working person and businessman will provide big benefits. It more focus on investments, infrastructure and new tax regime.

 

[federer.reddevil]

How the removal of Indexation for LTCG in Real Estate is good long term for the citizens

How removal of indexation for homeowners may lead to better returns

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