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Income Tax Slab & Rate for FY 2025-26
- Thread starter 2025
- Start date
- Featured
remove formatting pleaseUpdated the new tax rates and savings in the main post. Have a look.
Correct me if I am wrong (will do some editing in the meantime) @desiviru @ashwinsid @Rkr @Sup @Aniket
Could you do this please.
Else, I will try to do later. Thanks.
cannot
else would've done.
Ok. I will do.
Please Edit the title if possible. Remove the word "Expected".
Till Ganga gets clean once all the industries close,
and tax become nil i.e 0 Tax + 4% cess = 0,
and also all the farmers are debt free,
and all people have money to pay for education and world sign an accord where no one will attack other country, this cess will remain.
The cessation of cess isn't possible.
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Sinatra
TF Select
do you think these will be completed by year 2047 or might take 3047?
Afghanistan made an 300km artificial water body in the desert in only 3 years, and for last 30 year we cant clean our river... and squeezing taxes form citizens.
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Sinatra
TF Select
What's the purpose of that cess when it was introduced?
Some people are confused on marginal tax benefits ....Marginal tax can help to reduce tax liability.
For example, if one having income 12,50,000 then his tax would be 60,000+ 15% of 50,000 = 67,500. That could bring his net Income 11,82,500. Hence, they could use the marginal benefit and pay tax only 50,000 and avail a benefit of 17,500. That would equalize his net income with a person earning between 12,00,000 to 12,49,999.
In current scenario a person having income between 12.0 to 12.7 Lakh would get benefitted on this. After that actual slab rate kicks in.
(Note: I have not considered 75,000 standard deduction, that is a separate thing to lower your taxable income)
Following article explained it well: https://www.cnbctv18.com/budget/bud...ates-and-benefits-explained-faqs-19550767.htm
For example, if one having income 12,50,000 then his tax would be 60,000+ 15% of 50,000 = 67,500. That could bring his net Income 11,82,500. Hence, they could use the marginal benefit and pay tax only 50,000 and avail a benefit of 17,500. That would equalize his net income with a person earning between 12,00,000 to 12,49,999.
In current scenario a person having income between 12.0 to 12.7 Lakh would get benefitted on this. After that actual slab rate kicks in.
(Note: I have not considered 75,000 standard deduction, that is a separate thing to lower your taxable income)
Following article explained it well: https://www.cnbctv18.com/budget/bud...ates-and-benefits-explained-faqs-19550767.htm
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Aniket
TF Prestige
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Sorry bro. Corrected. Thanks.
Aniket
TF Prestige
Utna dekha toh nahi, rebate under 87A is only applicable for normal income.Updated the new tax rates and savings in the main post. Have a look.
Correct me if I am wrong (will do some editing in the meantime) @desiviru @ashwinsid @Rkr @Sup @Aniket
Special income: 🤕
So pura income (normal+special) pe chut mil gaya mat sochiyega, tax payers 🤣
Aniket
TF Prestige
Halwa aap bhi kha rahe the kya us roz? 😅
I have added my current year deductions of around 8 lakhs, right now old and new regime taxes similar with a difference of few thousand. So right now I didn't any tax relief in this budget. Their main motto is only to phase out old regime