What new will Budget 2025 bring for us?

[burntwingzZz]

What is the definition of the middle class bracket in terms of income ?

agar taxation se pis rahe ho toh tum middle class ho

i was more impressed on the economic report and action on it in income tax i am looking forward to the statement that companies are making great profits but it is not beeeeeeeeeeeeeeeeepassed on to their employee`s and some foolish 70 90 hrs statements floating around and of course the IT bill which is being promised..

 

[Kaleen Bhaiya]

Who's presenting the IT bill??
And Is it the Income tax bill or the Info Tech bill?

 

[burntwingzZz]

Who's presenting the IT bill??
And Is it the Income tax bill or the Info Tech bill?

income tax bill will be more simpler for people

 

[StingU]

BUMP.

OPEN TO OFFERS.

seems like te brothers pockets are dried up. i remember the days when everyone was ready to buy shiny new toys. what happened to all the full green pockets? hope nimo mam 12l no gst gives our fellow friends pockets some boost in green

 

[Simar]

Melatonin is hitting me hard so please point out flaws/silly mistakes, if any.

12.75 is including the (new) standard deduction of 75K. So if you have 12.75L as your gross annual income, minus the 75K SD makes it 12L which is where the rebate kicks in. Even 1 rupee more than that, i.e. even 1 rupee more than 12.75L, and you have to pay tax on the whole amount, as per the new slabs.

That doesn’t seem to be the case due to marginal relief. If you earn marginally more than 12,75,000, you aren’t taxed on the whole amount as per the new slabs until a certain point, which is - ₹13,45,588 Gross Income (or ₹12,70,588 Taxable Income after the ₹75,000 Standard Deduction)

In the following chart, I’m talking about Taxable Income after Standard Deduction. So gross income would be the amounts mentioned on the x-axis + 75,000.

Some example calculations (Without cess)

Marginal Relief = Tax without Marginal Relief - (Taxable Income - 12,00,000)

Gross Income	Standard Deduction	Taxable Income	Tax without Marginal Relief	Marginal Relief	Tax after Marginal Relief
12,75,000	75,000	12,00,000	Nil	Nil	Nil
12,75,001	75,000	12,00,001	60,000	59,999	1
12,85,000	75,000	12,10,000	61,500	51,500	10,000
13,45,000	75,000	12,70,000	70,500	500	70,000
13,45,588	75,000	12,70,588	70,588	0	70,588

After this point, marginal relief phases out, and normal slab rates apply.