[1] No taxes on income up to ₹7L
If you opt for the new regime, you have ZERO tax liability
Until today, this limit was ₹5L
If you have many deductions, check if old regime is better or new
Want a thread on a your scenario?
Tell me your case and you'll have it tomorrow
If you opt for the new regime, you have ZERO tax liability
Until today, this limit was ₹5L
If you have many deductions, check if old regime is better or new
Want a thread on a your scenario?
Tell me your case and you'll have it tomorrow
[2] Relief for the HNIs
India had one of the highest Personal Income Tax rates for people earning ₹5Cr + p.a.
The surcharge on them was 37% which has been reduced to 25%
This brings their effective income tax rate from 42.74% to 39%
India had one of the highest Personal Income Tax rates for people earning ₹5Cr + p.a.
The surcharge on them was 37% which has been reduced to 25%
This brings their effective income tax rate from 42.74% to 39%
[3] Bad news for Insurance Policy Relatives
People already made nominal gains in Insurance Policies
Now that is also taxable
However, this is only applicable where the premiums paid are ₹5L+ p.a.
People already made nominal gains in Insurance Policies
Now that is also taxable
However, this is only applicable where the premiums paid are ₹5L+ p.a.
[4] TCS on Foreign Tours at 20%
Planning a foreign tour?
Now your operator will ask for a 20% TCS. This rate was 5% earlier
He will ask for money and pay on your behalf to the govt
You can claim TCS credit while filing tax return. Just the outflows will increase
Planning a foreign tour?
Now your operator will ask for a 20% TCS. This rate was 5% earlier
He will ask for money and pay on your behalf to the govt
You can claim TCS credit while filing tax return. Just the outflows will increase
5] New Savings Scheme For Females
Deposit of up to ₹2L can be made in 'Mahila Samman Saving Certificate'
Can be made in the name of women or girls for 2 years
Interest Rate - 7.5%
Senior Citizen Savings Scheme threshold has also increased from ₹15L p.a. to ₹30L p.a.
Deposit of up to ₹2L can be made in 'Mahila Samman Saving Certificate'
Can be made in the name of women or girls for 2 years
Interest Rate - 7.5%
Senior Citizen Savings Scheme threshold has also increased from ₹15L p.a. to ₹30L p.a.
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[2] Retweet the first tweet👇
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[2] Retweet the first tweet👇
https://twitter.com/financewsharan/status/1620763895177838592?s=20&t=ub9h9V7-wuVy9NVMEuVz2g
Which all changes impacted you?
TL;DR
[1] No taxes on income up to ₹7L
[2] Relief for the HNIs
[3] Bad news for Insurance Policy Relatives
[4] TCS on Foreign Tours at 20%
[5] New Savings Scheme For Females
[1] No taxes on income up to ₹7L
[2] Relief for the HNIs
[3] Bad news for Insurance Policy Relatives
[4] TCS on Foreign Tours at 20%
[5] New Savings Scheme For Females
Disclaimer: Not investment advice. Please refer to your SEBI Registered investment advisor before taking any investment decision. This thread has been shared for the purpose of spreading awareness. Info has been curtailed for the sake of brevity
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