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    Changes in Income Tax Rates

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    divajain
    The document discusses proposed changes to India's income tax rates. It proposes increasing the income threshold amounts that are exempt from tax for individuals from Rs. 1,60,000 to Rs. 2,00,000 and for women from Rs. 1,90,000 to Rs. 2,00,000 in order to abolish distinctions between individual and women taxpayers. It also proposes lowering tax rates for some income slabs from 30% to 20% for incomes between Rs. 5,00,000 to Rs. 10,00,000. The maximum tax savings possible under the proposed changes would be Rs. 24,000 per year.

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    Changes in Income Tax Rates

    Uploaded by

    divajain
    28 views4 pages
    The document discusses proposed changes to India's income tax rates. It proposes increasing the income threshold amounts that are exempt from tax for individuals from Rs. 1,60,000 to Rs. 2,00,000 and for women from Rs. 1,90,000 to Rs. 2,00,000 in order to abolish distinctions between individual and women taxpayers. It also proposes lowering tax rates for some income slabs from 30% to 20% for incomes between Rs. 5,00,000 to Rs. 10,00,000. The maximum tax savings possible under the proposed changes would be Rs. 24,000 per year.

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    The document discusses proposed changes to India's income tax rates. It proposes increasing the income threshold amounts that are exempt from tax for individuals from Rs. 1,60,000 to Rs. 2,00,000 and for women from Rs. 1,90,000 to Rs. 2,00,000 in order to abolish distinctions between individual and women taxpayers. It also proposes lowering tax rates for some income slabs from 30% to 20% for incomes between Rs. 5,00,000 to Rs. 10,00,000. The maximum tax savings possible under the proposed changes would be Rs. 24,000 per year.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    28 views4 pages

    Changes in Income Tax Rates

    Uploaded by

    divajain
    The document discusses proposed changes to India's income tax rates. It proposes increasing the income threshold amounts that are exempt from tax for individuals from Rs. 1,60,000 to Rs. 2,00,000 and for women from Rs. 1,90,000 to Rs. 2,00,000 in order to abolish distinctions between individual and women taxpayers. It also proposes lowering tax rates for some income slabs from 30% to 20% for incomes between Rs. 5,00,000 to Rs. 10,00,000. The maximum tax savings possible under the proposed changes would be Rs. 24,000 per year.

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    Changes in Income Tax Rates

    INCOME TAX RATES(%)


    Income Individual Women Senior citizen
    Slab (Rs.)
    Current Proposed Current Proposed Current Proposed
    1,60,000 Nil Nil Nil Nil Nil Nil
    1,90,000 10 Nil Nil Nil Nil Nil
    2,00,000 10 Nil 10 Nil Nil Nil
    2,40,000 10 10 10 10 Nil Nil
    2,50,000 10 10 10 10 10 Nil
    5,00,000 10 10 10 10 10 10
    8,00,000 20 20 20 20 20 20
    10,00,000 30 20 30 20 30 20
    12,00,000 30 30 30 30 30 30
    Proposed DTC increase the limit of income exempt from tax:-
    CURRENT PROPOSED PROFIT TO

    COMMON
    PEOPLE 4000/-
    Individual 1,60,000 2,00,000
    Approx.
    2.00.0

    Women 1000/-
    1,90,000 2,00,000
    Approx.

    This approval aims to abolish the distinction between the individual & women
    tax payer, as far of payments of taxes are concerned.

    Rising cost of living with each day, an additional disposable income of 4000/-
    & 1000/- does not sound much appealing.
    CURRENT PROPOSED CURRENT PROPOSED
    INCOME SLAB INCOME SLAB RATE RATE
    1,60,000 – 5,00,000 2,00,000-5,00,000 10% 10%
    5,00,000-8,00,000 5,00,000 - 10,00,000 30% 20%
    8,00,000-more than 10,00,000 – more than 30% 30%

    The maximum amount that a tax payer can save in maximum income slab is
    Rs.24000/- per annum

    There is marginal relief for those who have income between 2,00,000-
    10,00,000
    DEDUCTIONS:

    Under the current tax laws, Section 80C is probably one of the
    CURRENT most popular sections of the Income-Tax Act as it allows a
    deduction up to `1.2 lakh from the taxable income if the same
    has been invested productively in selected investment avenues.

    PROPOSED

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