Indian Budget Analysis- 2024 - Page 5

Originally posted by: AuthorSneha

Thank you so much 😊 so basically till 3 lakhs income hai toh we don't need to fill tax, right?

If you can manage taking a few steps, in fact upto 7 lakhs you can avoid paying any tax!

These are the slabs for tax payment. But there are a few ways to avoid paying taxes upto 5-7 lakhs, depending on your investment plan.

New regime tax slabs

-No tax would be levied for income up to ₹3 lakh

-Income between ₹3-6 lakh would be taxed at 5 per cent (tax rebate under Section 87A is available)

-Income between ₹6-9 lakh would be taxed at 10 per cent (tax rebate under Section 87A on income up to ₹7 lakh is available)

-Income between ₹9-12 lakh at 15 per cent

-Income between ₹12-15 lakh at 20 per cent

-Income of ₹15 lakh and above will be taxed at 30 per cent.

When Piyush Goyal announced the interim budget in 2019, individual taxpayers with taxable yearly income up to Rs 5 lakhs would not be obliged to pay any income tax. He stated that if a person invests in provident funds, designated savings accounts, insurance, and other things, they are exempt from paying income tax up to a gross income of Rs 6.50 lakhs. Additional deductions were also allowed under the plan, including interest on house loans up to Rs 2 lakh, interest on school loans, contributions to the National Pension Plan, health insurance, and senior citizen medical expenses.

https://x.com/jist_news/status/1753060546633490471?s=20

Not surprised he is saying this as he is in opposition but his rhetoric leaves a lot to be desired.

1. One has to grow GDP and fastest is an achievement. Ofc it can be higher.

2. Per capita income also has been steadily rising. However one cannot perform miracles overnight esp given INC poor governance for so long. Even if one assumes 20% of popn below poverty line. One starts approaching a number of entire US popn. This can only be solved over time.

3. GDP due to 2 above needs to be growing rapidly. That means govt and Pvt sector spending creating employment. Growth. Profits for further investments. That’s how more and more of the population participate in this growth and that starts uplifting the per capita at a faster pace.

If 2047 is goal for developed India it’s still a long road ahead. But still a shorter time for governance by a different party than INC’s long tenure since independence. They had a smaller popn to deal with as well.

This is the same guy that laughed (Twitter video posted elsewhere) of a digitized India laughing how will they get WI-FI . Etc etc and look at UPI.

It’s so important for a country to have a smart and suitable opposition for checks and balances and sadly never had solutions.

I will also mention that ultimately the society also acts with wealth creation. They already are. More schools / hospitals etc will come and that will also play a crucial role in what he is speaking about. This journey has already begun whether it’s work Pratham is doing, Akshay Patra and many many other organizations and every year they too are growing fast doing more and more work.

so yes fastest GDP growth is an achievement (not by itself) but the govt, according to me, thru it’s interim budget has made clear their intentions of maintaining the growth trajectory and thinking 5-10-23 years ahead whether it’s infrastructure, energy security or any other area.

Step by step India marches ahead and I feel it’s on an excellent trajectory !

Jai Shree Ram

If he is comparing our growth to China, then he needs to understand China is a communist state, not a democratic one, there are no hurdles like delay in decision making, land acquisition, Budget making process there, cause they don't ask what people want, they just do what he wants, and if he wants Modi to be what Chinese president is then I am sure Modi will surpass his expectations of growth

https://www.instagram.com/p/C20DfehPaWw/?igsh=bWM2bTZ1cTZiNzFk

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