Shreyaa Kapoor Instagram – Comment “New” to get the complete breakdown of the taxes! 🫶🏼
If you have opted for the new tax regime, then you would know that your income upto 7.5L is tax free.🙌🏼
This is possible because you can claim 50,000 as standard deduction and then bring your taxable income down to 7L. 🫡
But what happens if your income grows marginally?
Say only by Rs. 10,000 – What are the implications then.🫠
Well then if tax slabs are to be followed – your tax liability becomes Rs.26,000.😅
But this is where the marginal relief comes in. 🫡
As per the marginal tax relief, the amount of tax one needs to pay on income between Rs. 7,50,001 and Rs. 7,77,778 is the additional income above Rs 7.5 lakh and not the tax liability as per the slabs. 🙌🏼
This helps in avoiding a situation where a marginal increase in taxable income leads to a much higher increase in tax outgo. 🙏🏼
Comment “New” to get the excel sheet with complete breakdown!🌟
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[tax, new tax regime, tax tips, taxes, personal finance, save tax, taxation, finance tips, tax saving, money, new regime] | Posted on 27/May/2024 20:00:07
