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Jayant Mundhra
•
Dexter Capital Advisors • 1m
I won’t waste time on old tax regime for two reasons: -> 70%+ income taxpayers had already switched from it by the end of FY24 -> With what’s announced today, it’s anyway dead. One would have to be a fool to stick with it So, what about the News Tax regime that’s in force, and what has been proposed today? Say you earn Rs 15lacs a year. Here is how nos. differ. .. New Tax Regime (as per recent changes before the latest announcement): Rs 0 to 3L: 0% tax Rs 3 to 6L: 5% of 3L Rs 6 to 9L: 10% of 3L Rs 9 to 12L: 15% of 3L Rs 12 to 15L: 20% of 3L Total Tax: Rs 15k + 30k + 45k + 60k = Rs 1.5L And, up to Rs 7L there is no tax due to rebate. But here, income exceeds, so it is not applicable. .. Newly Announced Tax Regime: Rs 0 to 4L: 0% tax Rs 4 to 8L: 5% of 4L Rs 8 to 12L: 10% of 4L Rs 12 to 15L: 15% of 3L Total Tax: Rs 20k + 40k + 45k = Rs 1.05L And, up to to 12L there is a full rebate. But here, income exceeds, so it is not applicable. .. So, to be very clear, the income tax outgo drops by 30%! I know this will vary basis we consider the income to be Rs 12L, 15L or 35L, or so on. Nonetheless, the difference is a big one Thus, seems like the middle class collectively bashing the Govt on social media left, right and centre has played its role to get us some good deal. -> This is why it is so important to speak up and raise your voice against what you believe is wrong -> Had the middle class like us not gone rampant voicing our rage, this would’ve never happened. So, kudos and congrats to us all Let’s collectively keep raising our voices for a more equal India for income taxpayers, as farmers do for their interests; unions do for theirs; industrialists do for theirs. ..
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