Taxpayers will have to forego Rs 1.5 lakh savings deduction and Rs 2 lakh interest deduction on home loans, among others, to avail new income tax rates.
Income tax department tells Parliament it has unearthed 1,421 cases worth Rs 2,101 crore in FY2019-20 so far, up from 1,110 cases involving Rs 1,015 crore for 2018-19.
Before govt decides to do either, it needs to take a view about the macroeconomic picture. Is this a time for fiscal expansion, or for fiscal consolidation?
According to the Controller General of Accounts, tax collection until September is 2.6% lower than last year — a sign that slowdown is affecting govt revenues.
G. Parameshwara's confidant Ramesh allegedly committed suicide days after being grilled by IT officials amid raids on the former Karnataka deputy CM's premises.
I wonder how the current government thinks it can talk about building ‘Future City’ in Hyderabad when even the present city itself is barely functioning.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
PTC Industries is investing Rs 1,000 cr in 4 manufacturing plants in UP, has already started supplying titanium parts to BAE Systems for its M-777 howitzers that India also uses.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
Nothing is benifited. One hand they guve and in another hand looted fully….
Who rich they r benifited…… And people who r poor taking all benifits of govt provision and we tax payer pay for these people to livelhood.
If corporate is in problem wavier of loan. If farmers r in problem wavier of loan.
What aboht salaried people? No concession. And above all removed all deduction too.
Great…
The exemptions that can be foregone under the new regime, if opted would include 80C – Rs.1.50 lacs, Hsg loan interest- Rs.2 lacs, Standard Deduction Rs.40000, Medical Insurance premium Rs.25000 and house rent deductions about Rs.1 lac. The total comes to Rs.5.15 lacs. This will vary from person to person. Let us assume Gross income of Rs.15 lacs and deductions foregone of Rs.5 lacs. Tax under old regime would be Rs.1,12,500 and under new regime could be Rs.187500. For those earning Rs20 lacs, the numbers could be old- Rs.262500 vs. new- Rs. 337500. Suppose a person has income of Rs.10 lacs and no hsg loan. The exemptions forgone could be 80C- Rs.150000, Std Deduction -Rs.40,000; total Rs.190000. The numbers could be old -Rs.74500 and new Rs.75000. The moral is less the deductions being claimed, more would be inclination towards the new regime. Furthermore, the incentives towards investments in various options to save taxes could be removed. With this housing, mutual funds etc would suffer.
One reason have never applied for the FM’s job is that my lower back would not allow me to stand for two hours and forty minutes at a stretch. Would also need a rest room break, like during the interval in a film show.
Nothing is benifited. One hand they guve and in another hand looted fully….
Who rich they r benifited…… And people who r poor taking all benifits of govt provision and we tax payer pay for these people to livelhood.
If corporate is in problem wavier of loan. If farmers r in problem wavier of loan.
What aboht salaried people? No concession. And above all removed all deduction too.
Great…
Calculate benifits with 7 lakhs net profite with old method having befit of deductions and same by new method
The exemptions that can be foregone under the new regime, if opted would include 80C – Rs.1.50 lacs, Hsg loan interest- Rs.2 lacs, Standard Deduction Rs.40000, Medical Insurance premium Rs.25000 and house rent deductions about Rs.1 lac. The total comes to Rs.5.15 lacs. This will vary from person to person. Let us assume Gross income of Rs.15 lacs and deductions foregone of Rs.5 lacs. Tax under old regime would be Rs.1,12,500 and under new regime could be Rs.187500. For those earning Rs20 lacs, the numbers could be old- Rs.262500 vs. new- Rs. 337500. Suppose a person has income of Rs.10 lacs and no hsg loan. The exemptions forgone could be 80C- Rs.150000, Std Deduction -Rs.40,000; total Rs.190000. The numbers could be old -Rs.74500 and new Rs.75000. The moral is less the deductions being claimed, more would be inclination towards the new regime. Furthermore, the incentives towards investments in various options to save taxes could be removed. With this housing, mutual funds etc would suffer.
One reason have never applied for the FM’s job is that my lower back would not allow me to stand for two hours and forty minutes at a stretch. Would also need a rest room break, like during the interval in a film show.