It cannot be achieved unless some kind of ***** done. That's why asking for more details.
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Income Tax Slab & Rate for FY 2025-26
- Thread starter 2025
- Start date
- Featured
likith_jogi
TF Buzz
i corrected it, its 30L and above. but i have just mentioned 30L. I made a mistake while entering the gross salary
Ok. But we would love to see those 9.7 L deductions which are not applicable for new regime.
likith_jogi
TF Buzz
As i told you, there its not perfect, there is miscalculations...
9 lakhs might be incorrect, i had put wrong HRA..
Unusual? Try paying 65K rent per month and see where that lands you in HRA and then theres LTA, have you seen the air fare now a days? Try going on a trip with your family including your parents and see how much you can claim.
Yes, it's still unusual. Reason u already know. Hence, no comments.
For others, LTA can not be claimed all years. 65k house rent allowance is also a bit unusual for many in India.
But, I understand your point here. In short, now CAs have to do more hardwork to convince taxpayer to file in old regime citing how their talents benefiting their clients.
Finance ministry in fact haunting those clever guys. Now it will be easier to isolate them.
Dharm
TF Premier
We all have these things, but unable to reduce taxable salary after upto certain amount, yes donation is one thing where many people save tax by showing high amount of donation, and paying less, and many people do that, I know, but apart from that it is very tough to bring it down.
How come old regime is better even at 5.6 lakh deduction?
Top chart is a good reference chart for people having taxable income around 12-14 lakh zone.
But, the bottom one is not a correct comparison. Tax exempt income (slab starting point) can not be compared with tax rebate cap.
Am I the only one who thinks all this is just a bait for everyone to switch to the new regime so they can shut down the old regime? Once they do this, they can do away with everything and tax the entire country on the income as much as they please. I won't be surprised if they just do away with all exemptions and tax everyone from Re.1 onwards.
Thankfully my retirement is 5-7 years away 🙂 so the worst wont hit me ...will take some dubai.europe job after financial freedom and chill
Sinatra
TF Select
new tax regime is inevitable. what they do after that only gods know.
Earlier, those exemption were there in our tax system for a reason, and govt wanted and incentivizing people to save money for their old age, emergencies, etc.
Present govt, systemically killing that and discouraging & penalizing people have any saving of their own, rather hand over all your money to the govt so that they can distribute that money to 90cr poor people, to keep them "alive" only to be used twice every 5-yrs for voting.
upper class = actual citizen.
middle class = tax minions
lower class = cannon fodder
No. AFAIK It's for individual only. But, HUF can use same slab rate (latest) and deduction provisions. Only difference is 87a (rebate) not available.
Read it here for more details:
Income Tax Rebate Under Section 87A
Tax Rebate Under Section 87A: Find out Who can claim Income Tax Rebate u/s 87A for FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24). Know how to claim section 87A rebate in ClearTax Software.
cleartax.in
No. They are not.
I am using old regime but I think meal allowance is taxable if we switch to new regime.
Yup read and found out meal allowance is taxable. Mobile allowance is not taxable.