Haa the Budget really reduced taxes?

Under old Tax Regime, you were basically paying no tax if your income was 9.5 Lakhs and you avail deductions. See attached.

Under New Regime, that limit is reduced to 7 Lakhs. No deductions in new regime.

Has the Government really reduced taxes? Some one please enlighten? more

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Helpful Transforming India Feb 01

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H.P. Gurg

Every years there is Inflation and Salary Rise. If you consider these then in 7 Lakh, Tax Limit, there is hardly any gain. More over there are certain Investment a must, which you have already committed like LIC Policy, Health Insurance, PPF Account, Donation (if any). There is no relief for these things. more

Feb 16

Mukul Mohan Mittal (Educationist, Engineer, Businessman, Thinker, )

The illustration given by you is impractical and not sensible - some one earning Rs. 9.5 lakhs per annum is supposed to pay/invest Rs. 4.5 lakhs to get deductions. So, s/he makes do with only 52.6% of her/his gross income for expenses and consumption. Not really!!! And, in any case, the choice of going with the old regime is still available. So why crib? more

Feb 03

Chanderkiran Nanda (Ordinary member)

I feel people are scared to talk the truth. People have been fooled by the budget. FM says upto 7 lakh no tax on one hand and on the other the tax free slab is upto 3 lakh. What percentage of people pay tax? EPF retiree are getting a pension of just around 1300 PM. There are proposal to give much more pension to so called poor rather increasing EPF retiree pension. Well govt want votes. Any way there is nothing to celebrate this budget. more

Feb 02

Deenaz Bulsara

The government has actually fooled the people of India. Last year while I filed my daughter's return, I was asked by my accountant to take the new tax regime so I said show me what is the benefit, as she was in the 30% bracket. So for her, the new regime was excellent, but when I opted for the new regime, it showed me that I had to pay Rs,60,000/- more as mine was a lesser tax bracket, so I opted for the old regime. Hence the government has only made things better for the people in the 30% bracket and everyone below it, falls short and gains NOTHING! Such is the path of fooling us, the common man. The government only wants money and money, hence it has raised the ceiling for Senior Citizens scheme to 30 lakhs so that it can rake up more money from us and give us pittance in interest rates. Local Circles Manager, please take it up with the Finance Minister. more

Feb 02

Padam Law

There are many useful articles in News Papers, etc. Pleas read them as they re reliable. more

Feb 02

Umesh Kumar

So-called useful articles just focus on new tax regime and NO ONE discusses simple things like gifts from close relatives, health related expenses etc. Not a single article has given a COMPLETE list of deductions that are not available in the new tax regime. more

Feb 03

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