Big Changes In Income Tax Rates Soon| Modi 3.0 First Budget To Bring Cheer To Middle-Class?
ฝัง
- เผยแพร่เมื่อ 18 มิ.ย. 2024
- The one question before every Union Budget presentation always is - will the Finance Minister lower income tax rates? And what bothers the middle class soon after the Budget is that there is never enough in the budget speech for them.
Well, that could change this time. And for the better, especially if you are in the sub-5 lakh rupee tax bracket.
I’ll tell you all about it in the next three minutes.
But before that, let’s take a here’s a quick look at the current income tax slabs.
For those opting for the old Tax regime, there’s no income tax for annual income up to Rs 2.5 Lakh. For income of Rs 2.5 Lakh to Rs 5 Lakh, a 5% tax rate, for Rs 5 Lakh to Rs 10 Lakh, a 20% tax rate and for income above Rs 10 Lakh, a 30% tax rate is applicable. The old tax regime still gives you the benefit of tax-saving deductions on investments made under various sections like 80C etc on PPF deposits, provident fund, life insurance, health insurance etc.
In the new tax regime, for annual income up to Rs 3 lakh, there is no tax. For income of more than Rs 3 lakh up to Rs 6 lakh, it is 5%. Over Rs 6 lakh up to Rs 9 lakh, it is 10%. Over Rs 9 lakh to Rs 12 lakh, it is 15% and over Rs.12 lakh to Rs.15 lakh, it is 20%. A 30% tax rate is applicable on income above Rs 15 lakh. (gfx out))
Additionally, rebate under Section 87A for income of Rs 7 lakh means that any individual opting for the new tax regime with a taxable income of up to Rs 7 lakh will not pay any taxes.
Reports now indicate that a revision of tax rates in the New Tax Regime are likely to be announced in the upcoming Budget in July, and that could mean good news for those earning up to 5 lakh rupees and opting for the New Tax Regime.
Why this time?
Well, inflation and unemployment concerns could become Budget priorities and an effort to boost consumption will add to the GDP. But the downside is the government’s fiscal deficit target - so it will need to collect more taxes as revenue, but perhaps not from the lower income group.
So what will the government do?
A key proposal under review is increasing the tax-free income limit in the New Tax Regime from Rs 3 lakh to Rs 5 lakh. This way, more disposable income in the hands of taxpayers will encourage them to switch to the new regime and hence, the tex net will likely widen with more IT returns being filed, even though these would be nil returns.
Some reports also suggest that those earning over Rs 15 lakh annually may see some tax relief in the new tax regime which is presently taxed at 30%. The 15 lakh threshold could be pushed higher, with more taxpayers paying 20% instead of 30% tax.
What eventually comes out of the Finance Minister’s bahikhata could still be a surprise, and we will know the final blueprint only after her speech.
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No change in the old regime. Modiji never do good to salary people
EVERY government has ALWAYS squeezed salaried people. They are the easiest to squeeze! And the BJP governments have been particularly harsh and greedy, hurting people by imposing a Central GST too on all products of daily use. GST was meant as a source of revenue for the States.
@@aerodynamico6427could u pl tell whatvgst is imposed in daily use products
Switch to new regime
Salaried class is highest looser in india paying 30% direct and 40% indirect taxes getting nothing in return or job safety...... especially this govt been grabbing too much without touching old tax regime by not increasing tax deduction, adding 80c to 2.5L as per inflation
IAS ban jao! Job security toh milegi!!!
@@aerodynamico6427 True....but politician is far better 😂
This finance minister is waste, not on poor, alwasys helpful for corporate
first you start paying TAX, my dear Khangress and Chinese Pakistan ISIS maoist voting members.
100 percent correct
She is finance minister of corporates but not for people 😂😂
Even her husband is fed-up with her policies😂
Poor guy 😂😂
@@MAHAMMADILIAS how do you say that? any evidence she is against the poor people.
Bjp using her because she is brainless and people's know never vote to her
Rates of taxes fixed by FM to salaried people and ordinary people is action against common man.
Tax exemption required for individual upto annual income of Rs.10 lakhs
5 to 6 lakhs is enough with no old regime
@@venusarangi No it is not sufficient for middle class family
LTCG tax should also be reduced to zero
Please think of people like me , single income at home , studied and struggled all my life for reaching a Sal over 30 ...but paying in pound of flesh to government and living on loans , hope @bjp @Nirmalasitarama are listening....don't penalize us for working our life way up .
She will not listen you
When she can't listen to her own husband, how can common people like you expect her to listen 😂😂
She will listen only to
Modiji & Amithsha ji
With respect she listens to Modi & with afraid she
listens to Amithsha ji
These people studied how to increase income to corporates not for common man. Blood suckers . They will make everyone to kill themselves. No jobs no shelter no education middle class people have become most poorer due to debts. These people live in ac room and give lecture about onion and pakoda. What can we expect from these people.
Salaried employees should be waived off the income tax in India..when will it happen ???????
Again this lady became a FM without facing people's.....how come she will know the pain of Middle class and poor people's.....she will listen only modi and amitsah.....RIP India for next 5 years
Many FMs did not face the people - You dont have to face the election to now about the country -
Even the former Puppet PM Manmohan singh was Rajyasabha MP only.
@@ravindranmokkilmaruthur23 If she knows so much about the country, then why only 1.6% of the population is paying all the taxes?
Sir/Madam, It is high time to raise basic limit to 10 Lakcs.Upto 10lacks no tax on view of inflation. Rice price in 1990 was Rs.12 perkg where as in 2024, It is at Rs.72 per kg. Similarly eheat price eas Ts.5. and it isRs45 now. Respected Sri Vajpayeejee promissed in his election campaign,the Incometax limit will be raised to 5 lackcs.
Respected Smt. Nirmala sitaraman Our F.M.kindly to raise limit to TEN LACKS AND NO TAX.UPTO 10 LACKS. TO BENIFIT LOWER MIDDLE CLASSES AND MIDDLE CLASS.
Media pls dont glorify this Govt useless
12%tax on Medicine. At least life saving medicines and hospitalization should be tax free. 😢😢😢😢
In 2015, investing ₹1,50,000 could get you 57.69 grams of gold. By 2024, the same ₹1,50,000 only buys 25 grams of gold. Despite the Section 80C limit staying the same, the purchasing power has significantly decreased due to the rise in gold prices. This effectively provides lesser real value in 2024 compared to 2015.
Remove income tax.
Yes anyways we all are paying expense tax and no one can be escaping it.. rich is paying more gst because he is spending more same for poor less because less expenses.. additional to gst, income tax is insane.. should be slowly phased out, give more money in hands of people so they will anyways spend it or invest it and boost business economics of the country
Then there would no funds left with the government, to siphon off😂.
@@ravee741 no bro, it is almost equal, direct tax (income tax and capital gain tax) is almost equal to indirect taxes (gst and other taxes). On top of these govt has new avenues of income via privatization, road tax, spectrum auction, coal auction, rbi dividends, and so much more. So it is not like govt is running only because of income tax alone.
No exemption on agricultural income...farmers in south and punjab take advantage and make black money
Ha ha ha, a minister from Rajya Sabha will not understand the misery of a common person. So don't expect any relief. The Rajya Sabha MP will only look to please her bosses and eventually squeeze maximum out of the people
first you start paying TAX, my dear Khangress and Chinese Pakistan ISIS maoist voting members.
PM MMS was also through rajya sabha 😅
That is why he was pleasing his boss in all the way😂😂😂
thruth
So u mean to say only lok saba MPS know everything
Modi 3 wrong, it is temporary NDA govt.
Same question every year. But no govt will do anything for middle class.
Those retired private employees who have psid income tax in their service tenure should be given some facilities and discounts in expenditure and purchases.
One who ran away from facing the election is a minister now. Shamlessly smiling.
Honourable Sitaraman ji...
Would you care to see some smile on the face of senior citizens like me.
I would like to know the rationale behind taxing Dearness Relief which is given to neutralize the inflation.
Why income tax in a independent country,did we get any independence.
Kitna jahil ho bhai 😂😂😂
Ultimately salaried people and pensioners are major tax payers. How many air travelers are tax payers.
Peoplle will get ruined of tax sytem in india,subramony swamy is the best,fm is not worth in taxation
Corporate finance minister 😂😂
It's been 10 years since the waiting continuous
Before 10year , income tax starts from 3.5 lakh
Mla, mp, ministers should also give 30 % tax as their income above 15 lakh. And they should also give tax from the percentage money which they got from contracts.
This finance minister does not understand the nuances of income tax nor does she understand the sufferings of the middle class. The BJP has from the beginning only been interested in the business class and corporates
Totally agree
It's good to lower tax rates and taxes above 50 Lakhs.
Government should be strict on any avoidance of taxes.
Better benefits for those paying taxes. 🙏
Education 18% tax free education no tax please
She will take for pan card and aadhar card late fee Rs1000
I have voted against BJP only for this reason, last 10 years there is almost no change in the income tax slap compared to the previous 10 years of Congress.
Income tax rates for new as well as for old type regime must be lessened. 80C and Standard Deduction must be increased. There should be no tax on interest upto 1lakh for senior citizens in both the regimes.
Till 50 Lakhs, one has to pay less than 24% tax of total amount. Of course it hurts as we get almost nothing in return, but it's appropriate to put correct facts. I see people always complain that they pay 30% tax. No most aren't. Just breaching 30% bracket doesn't mean you are paying 30% tax.
Message for FM:- Please allow credit to all PAN card holder paying IT for all their personal use FMCG items about 20% of GST paid on uploading the genuine tax paid invoice . This moves will facilitate improve GST tax base also.
We the middle class are the worst sufferers. If the govt doesn't take care of us, one day they will lose support.
This red box contains only tax burden message for ordinary middle class... They taking only tax .. which types of benifits gets from government...
Last year it was below 5 lakh no tax,changed in march 2024 it was below 3lakh and after election it is no tax below 5lakh .fir kiya kya hai .thus govt is not capable only knows to fool ppl
Still this would not help mid senior level salarids😢
A Worthless FM Can do nothing. It was proved. Yet she managed to occupy the chair. MERA BHARAT MAHAN.
Rip in advance soon GST or Any Tax will eat you😂😂
You know which tax system was there before GST??
Of course, if you want development then it's going to be like that
@@manju861 and you know anything changed after that ?
@@rajeshranjan3199 if nothing is changed then why the cry??
A Finance minister who don't know anything about finance😂😂😂
She's from JNU, after all!
Horrible finance minister in the history of India. Looting middle class people
No.. govt will not think for middle class people….
Why are farmers, Schedule Tribes and Schedule Caste do not pay taxes, why the burden on General Class and Middle Class people?
Who all are working and earning in taxable income slabs gotta give their taxes! All Indians!
Read section 10( 26) of income tax Act 1961:Schedule tribe from autonomous areas of Assam( North Cachar hills, Karbi Along)and all from other NE states( except Meghalaya), J& K and Ladakh are exempted.....
She will sell all public sector soon and rent out parliament building for movie shooting sooner...
Public sector loss mein ja raha to bechna acha hai na
Kam se kam grow to karega us se desh ko hi fayada hoga na😂😂
😂😂
@@michaelhills3663 first give 5g spectrum licence to bsnl, always shouting Modi Modi like you fools mentals making this Indian people to suffer lot
Upto 12 lakhs annual income ....ZERO TAX
😂😂😂
Upto 50 lacks Zero tax
@@parwarnizam3218 No where in the world this is possible. 🤣
Sapnaa dekhiye aur fir phoot phoot kar roiye!!!
It is possible only in middle east gulf countries
Again she .... nooo
Modi aur Amit Shah ne thaan liya hai ki woh log hum common logo ki zinda nhi rhene denge...
Its that woman without capabilities nirmala ...
टैक्स न बढ़ाए,,,टैक्स कम करे और टैक्स चोरी खत्म करे,लोग भी खुस देश भी सुखी
Want Rs 10 lakh rebate
Yes either lower the GST and provide variable Gst percentage based on the good and service or increase the rebate.... what are going to do with money either spend or save these minister's are idiots
@@Sri_Krish1555 👌
WTF they still condersider 5LPA is the middle class 😮 after all the inflation and crazy Indirect Tax like freeking 18% GST on everything ??? People earning even 8lap -10la will be a middle class especially in this day and age and this is coming from person who is not even yet at that salary range yet 😑
Your videos have become a part of my daily routine.
Tax should be free upto minimum 1 Cr
Oh Hawala Agent
Koi kitna jahil ho sakta hai re baba😂😂😂
Phir do crore kyu nahi kyu ki mein 2 cr kamata hu😢
Oh ho , go to sri lanka use less
Your comment is a joke,I think. If you are serious, tell me how you are going to justify exemption.
🎉🎉🎉🎉🎉Expecting
All Political parties are in favour of Rich and Corporate people in many ways, of couse by getting Funds from them through Electoral bonds as Party Funds . So, never expect anything from IT department for the Salaried people of Low and Middle class.
I read this every year with no change for years. So, let's stop speculating and wait another fortnight!
Under new tax regime currently you need not pay tax if your annual salary is below Rs7 lakhs
If you are taxing like US, Canada and Germany, give us equally good benefits like best schools , hospitals.. more people use flights than pay taxes and more people own cars than pay taxes, first start tracking down people to widen the net and same time reduce the highest tax bracket to 20% instead of 30 or even higher bracket.
At least exempt tax payers in paying additional taxes on medicines, hospital bills and insurance.. govt is not giving these at least let us do it ourselves and not steal there as well via gst 🙏
yes below who earn les than 15:LPA and live on paycheck to paycheck will spend more money. how stupid the government is?
Can you not tax people buying crore worth of Properties even when having a paltry income? All one needs to do is compare IT tax return data and check with real estate transaction registrations.
Wishful thinking. Just like the exit poolsters played the jumla game this will go down in the drain the same way.
Income tax on dividend and long term capital gains should be made totally exempt.
No tax upto 15 lakh , and above 15 lakh 30 percent till 1 crore . Abouve 1 crore to 3 crore 50 percent . Above 3 crore to 5 crore 70 percent above 5 crore 90 percent is good plan
It says that only 1% traders in stock market make profit 99% people ends up in losses so those who makes profit once in a while have to pay steep high taxes hope FM reduce tax rate for poor speculative traders to below 15%
lncome tax for salaried class should be dispensed with. Unnecessary filing of income tax and work load for the department. You are charging everything under GST, apart from all the costly things like car etc. the net income will be less than 40% of the gross salary. Stupid people are there in the Govt irritating the salaried class.
😢🎉in tamilnadu atrocious of lawyers and judges increased enormously blackmailing for money we need unbiased judicial systems unbiased police systems 😢
English good learning channel this one. Thanks to the channel
NPS Tier 1 (upto Rs.50,000/-) should be IT free in New Tax slab.
12 lakh is really nothing .. Just a decent living .. if you take taxes on below 12 lakh in 2024 this could be a struggle to survive on a single man depended family .. implement slabs like if a husband and wife earns together then these slabs are reasonable
If they don't reduce the taxes in this term, BJP will lose the elections in 2029
Income tax must be ABOLISHED in India. All money in circulation will become white. GST, EXCISE,and profits from PSUs are more than sufficient to take care of fiscal deficit.
Any party any PM N FM will not give amy exemption to salaried class n reterirs in our country.Every ciizen has to pay tax.
Regardless of the parties all finance ministers be it man mohan singh, arun Jaitley, Chidambaram or Nirmala S. All have been super busy and focused on taxing middleclass' heavily for earning and spending like wise. While the rich and poor benefits either ways. People with 30% tax bracket are literally sucked dry. Imagine paying 4months worth of salary and not getting a single govt benefit. Thete is even a cess i.e tax on income tax amou t which is the most idiotic kind if taxation.
Remove income tax slowly, anyways we all are paying expense tax and no one can be escaping it.. rich is paying more gst because he is spending more same for poor less because less expenses.. additional to gst, income tax is insane.. should be slowly phased out, give more money in hands of people so they will anyways spend it or invest it and boost business economics of the country
Tax structure will be a case of jugglery with very little change in that structure. We are observing this for last few decades. Income tax is the most easiest source of govt revenue. Whereas vast amount of population still do not pay right amount of tax. Govt must try ways and means to bring them under tax regime. Moreover big industries do not pay taxes in the right time and utilise the money to their businesses. Govt should look into the matter and loyal tax payers given benefit of lower tax for their income.
Modi never did any thing for citizens as it's pro Adani and Ambani and willing to waiver of 19 Lakhs crores of corporate loans with citizens taxes but noting for citizens paying taxes, honest citizen gets nothing under Modi rule, except tax lashes.
They have turned BJP in to Business Janata Party.
Till 12lakhs nontax to collected.
Or give expemtion on medical, education, travel on actual
Any Chance of increasing Interest Rates of Public provident Fund
They are crying for keeping it at 7.1 pray they dont reduce it..cant expect anyth9ng from them
Income is always desired to increase... So how can one expect the taxes to reduce???
Moreover... Costs are always increasing.... so it's expected to increase the revenue by digging into the pockets of the working class.... Rest enjoy.
I respect our govt. decisions. But I must say this proposal not benefits to common men. I think so. Jai Bharat 🇮🇳 🇮🇳.
When there is no income at all what the use of the income tax.
Any CA students here 🙂
I am paying my pound in flesh because I struggled and educated all my life to give my child a good life ,,but paying 30% IT ...AND LIVING ON LOANS .......
Do thy understand value of 2.5 lac in this era, wht is inflation wht is electric bills charges, for them its free. 10 yrs just compare standard deduction vs inflation. Cant except major changes.
Congress took 30 percent tax on 30 lac I know how do you become thrid economic
Let see what revenue collection agent does.
Nothing for salary class
Worst finance regime….this nirmala is a psycho…she has to be terminated as finance minister.
She has come to power Without facing elections,, It shows that she has to work on the tune of Modi - Shah.
@@nupuranand7238 ….that sounds shocking. I could see the trend of Tamilians getting appointed for this finance ministry positions all the time. Last time chidambaram and now Nirmala…..why from Tamilnadu only?
Tax count on total family income and rebate on family toral income
Nirmala Seethraman, honest lady is a negative lady. She doesnt believe in giving relief to poor. Middle class and also rich. Her only ambition is 5 Trillion economy. Only Modi alone can help us for any relief
2 months is over no salary, for me,, in govt contracts job
Big change means more burden on Salaried Middle Class
Reduce tax to corporates and increase burden on the common man. Hell with this illiterate party !!!
People who work in corporate offices are not common man?
Nirmala Ma’am, please do the psu privatisation fast
All.comadities.rate.is.rising.but.i.t..limit.is.bot.increased.increasr.up.to.5.lacks.ubder.80.c..increase.4.lacks.
This time some new taxes may be introdused for breethig yawning sneezing and leavimg carbondioxide from bottem.
Didi salary kam kaise kartey hai to get this benifir 😅😂😂
If her husband isnt divorcing her...we should divorce the FM
Her approach is pro rich and govt employees
😂😂😂 isbi bhar tho ulta khada karke Marne wali budget layegi,lekin aise pekhoenge ki pura adbhut hogaye,magar ame 1rupaya bhi nahi dikhega,sirf numbers ki majic hoga,yetho 😂Aisa he ki bhooth vedh padna jaisa iska budget bholna
This Reminds me of MADMAX 4.😂