New Income tax structure 2023-24

A

ajeetone

Recruit
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime.

Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at Rs 30%.

Relief for middle class?

I was hoping for some intangible benefit for tax payer citizens...
 
ajeetone said:
Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh under new tax regime.

Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at Rs 30%.

Relief for middle class?

I was hoping for some intangible benefit for tax payer citizens...
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Yes and No.
If we look at statistics, there are only 6.5 Cr tax payers out of 120 Cr population.
We don't have any plans to improve this. As elections are near, we are getting some relief in tax slabs, the inflation is essentially eating up.
Just compare the price of Automobile in the last 5yrs

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imad7x said:
Is it possible to get ITR refund nect year if I selected New Tax Regime now?
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New Tax regime will be applicable for this financial year then. If your self-assessment/advance tax payment is more than what's due, you can claim a refund on filing of returns next year.
 
They should see how many cars are sold more than worth 5L comparing to how many people are filing tax. That number should give easy estimation of how many potential tax payers are not paying tax. They don't do it, because it breaks their vote bank.
 
t3chg33k said:
New Tax regime will be applicable for this financial year then. If your self-assessment/advance tax payment is more than what's due, you can claim a refund on filing of returns next year.
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Some folks are saying old regime gives better ITR refunds. I know that new regime doesn't allow any declarations but does it also not allow us to file ITR refunds?
 
RaceGurram said:
They should see how many cars are sold more than worth 5L comparing to how many people are filing tax. That number should give easy estimation of how many potential tax payers are not paying tax. They don't do it, because it breaks their vote bank.
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They don't do it because it's costly.

One of the canons of taxation is the canon of economy. This means that the cost of collecting the tax should be miniscule compared to the tax amount.

Tax department won't be able to prove anything just because someone bought a car. It could have been bought on a loan, it could have been bought with savings, etc.

So you chase everyone who has not paid income tax and bought a car. As an aside, this will also require linking all car sales to PAN. Then you investigate them. In the end, you manage to prove evasion in 1 out of 100 cases? By this time you've already spent more than you are likely to collect.

Also, in 2022, there were 5.83 crore tax payers and 2.11 crore cars sold.

Edit: also, tax laws were created by smart people. Which is why government already bags a major chunk of the price when a car is sold. https://auto.hindustantimes.com/aut...rs-18-lakh-here-s-how/amp-41652667801923.html
 
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