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Income tax expectations thread
- Thread starter schatterjee18
- Start date
bugmenot
TF Legend
Children’s Education Allowance: INR 100 per month per child up to a maximum of 2 children.
Hostel Expenditure Allowance: INR 300 per month per child up to a maximum of 2 children.
These limits are joke considering inflation of education sector. These must be revised. To boost education, it should have a dedicated section for education spends exemptions.
I don't agree that in future all exemptions will be removed and only new tax regime will be there only. I belive government is checking the ratio of both the regimes and then will decide.
Hostel Expenditure Allowance: INR 300 per month per child up to a maximum of 2 children.
These limits are joke considering inflation of education sector. These must be revised. To boost education, it should have a dedicated section for education spends exemptions.
I don't agree that in future all exemptions will be removed and only new tax regime will be there only. I belive government is checking the ratio of both the regimes and then will decide.
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My Personal Opinion
Govt. will be more inclined towards the New Tax Regime and may not increase any more deductions for the Old Tax Regime ...
krishc
TF Ace
agree,
I feel they might increase the starting point for taxable income to 5/6 lac from 2.5 to push the new regime more and de-prioritize old regime without adding any benefits into it.
🙄.. Not going to happen.. The govt has too many liabilities. Govt is good but money minded. They r minting money like anything. They have brought cement in 28% GST category which was earlier in 18% and steel is brought in 18% which was in 5% earlier. So don't expect much from this govt..
I expect change in tax slab for old regime.
krishc
TF Ace
got few things right as I see
new regime starting point wasn't raised much
but new regime certainly became more attractive at a certian level
basic tax rebate increased to 7L from 5L
also no new benefits added in old regime and its been put for demise in 2-3 years
Will new regime exempt the company car lease?
Patil007
TF Legend
Patil007
TF Legend
This is quite possible as they have made new regime by default now. We need to select old regime explicitly. if someone forgot to select and done.
Patil007
TF Legend
Indian tax structure is cleverly defined by Government officials for Government salaried person only 🤣 .
in 2025 budget old regime will be aboloshed. Be weary of buying houses only for tax benefit.
souvikr
TF Premier
New tax regime has now become more attractive for people earning 15L and above. Total tax will be slightly less and more importantly then can get rid of tedious process of investment proof submission to employers.
52500 (+4% cess) less tax for me and no more documentation. I am happy.
On top of our submission the employers rejecting those by saying reason that declaration not signed and scan not clear lol
New regime is neat and clean
standard deduction
employer's contribution is exempted in new tax regime
Yes NPS employer’s contributed money is exempted whereas employee side if we pay any amount for tier 1 it’s not counted
So imo car lease plans also will get exempt since it’s under employers name
Agree but new regime straight away exempted till 7 lakh right that will change the entire picture
Moreover salaried community is fed up with proof submissions for rent receipts and school fee all these years lol
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