Big Relief To Middle Class, No Income Tax Up To Rs 12 Lakh

[psycontr]

So, if you get promoted from 12 Lacs pa to 13 lacs pa income this year, your take home will come down significantly.

[psycontr]

Your capital gains tax thread runs completely separately by the way.
If you earn 2 lacs in capital gains in a year, and even if your total annual income is less than 12 lacs (including capital gains), you still pay tax on your capital gains.

[CanadianMalodu]

24 minutes ago, psycontr said:

Devil is always in the details!
Income <= 12 Lacs; No Tax 👏
Income >12 Lacs; Tax starts from 4 Lacs 🧐

Idhi asalu matter

[Anta Assamey]

5 hours ago, ARYA said:

Ma pedalaki subhavartha

[jalsa01]

47 minutes ago, psycontr said:

Devil is always in the details!
Income <= 12 Lacs; No Tax 👏
Income >12 Lacs; Tax starts from 4 Lacs 🧐

 

1 hour ago, psycopk said:

 

vallaki end lo 85k tax rebate ani undi.. so no need to pay or claim after it returns 

[psycontr]

Just now, jalsa01 said:

 

vallaki end lo 85k tax rebate ani undi.. so no need to pay or claim after it returns 

Tax rebate if your income is below 12lakhs

[jalsa01]

2 minutes ago, psycontr said:

Tax rebate if your income is below 12lakhs

Nah.. thats not how tax slabs works.. pakka employees ki no tax upto 12L and from there is progressive like 12-16 15%

[psycontr]

3 minutes ago, jalsa01 said:

Nah.. thats not how tax slabs works.. pakka employees ki no tax upto 12L and from there is progressive like 12-16 15%

No tax upto 12lakh but if your income is 13lakh you pay tax after 75k standard deduction.

so your taxable income is 12.25lakh and follow rate applies. Only first 4 lakhs is tax free.

0-4 ---- 0 టాక్స్ 
4-8 ---- 5% టాక్స్ 
8-12 ---- 10% టాక్స్ 
12-16 --- 15% టాక్స్

[Pavanonline]

9 minutes ago, jalsa01 said:

Nah.. thats not how tax slabs works.. pakka employees ki no tax upto 12L and from there is progressive like 12-16 15%

No, this is how it should work but ala chesthe India enduku avtadi 😁

[anna_gari_maata]

Inka full black market.. everyone will undercut their pay in white to save taxes 

[jalsa01]

27 minutes ago, psycontr said:

No tax upto 12lakh but if your income is 13lakh you pay tax after 75k standard deduction.

so your taxable income is 12.25lakh and follow rate applies. Only first 4 lakhs is tax free.

0-4 ---- 0 టాక్స్ 
4-8 ---- 5% టాక్స్ 
8-12 ---- 10% టాక్స్ 
12-16 --- 15% టాక్స్

yes but 12L ki 60L rebate ichi pina amount ki respective tax slabs apply chestaru bhayya

[Moon_Walker]

2 hours ago, psycontr said:

Devil is always in the details!
Income <= 12 Lacs; No Tax 👏
Income >12 Lacs; Tax starts from 4 Lacs 🧐

But in the twitter links above they mentioned about standard deduction of 75K that should help offset. 

[andhra_jp]

9 hours ago, Spartan said:

The new tax structure announced by Finance Minister Nirmala Sitharaman proposed ‘no taxes’ for income upto Rs 12 lakh, an effort to substantially relieve the tax burden of the middle class and leave more money in their hands. For salaried taxpayers, no taxes would be applicable for Rs 12.75 lakh, due to standard deduction of Rs 75,000

This is welcome move but underlying tickling bomb for indian economy is unemployment and creation of jobs.. if that is not solved then merely doing tax reforms will have not much benefit in long run..

 

[andhra_jp]

'Giving slight tax relief can't trump inflation, unemployment', says Congress

 

[Jatka Bandi]

47 minutes ago, andhra_jp said:

'Giving slight tax relief can't trump inflation, unemployment', says Congress

 

High ra Shashi Pushkar.. nuvvu matladithe baagodu..