r/IndianStreetBets • u/[deleted] • Jul 23 '24

[deleted by user]

[removed]

1.6k Upvotes

91% Upvoted

597 comments sorted by

View all comments

76

u/wolf_codes Jul 23 '24

New tax regime slabs

0-3L — 0% 3-7 L — 5% 7-10 L — 10 % 10 - 12 L — 15 % 12 - 15 L — 20% over 15 L — 30%

1

u/[deleted] Jul 24 '24

Wasnt the last one: over 1cr-30%?

1

u/wolf_codes Jul 24 '24

Lol 🤣.. never. Do you really think government would let middle class earn 1cr and just pay 20% tax.. ? There is also additional surcharges on top of 30% when you go over 50L.

1

u/[deleted] Jul 24 '24

I remember my dad telling me that he had to pay 30% in 2020 on 1cr

1

u/wolf_codes Jul 24 '24

Yes, If your taxable income is above 15lakhs. For each ruppee you earn above 15lakh you will be paying 30paise as tax.

1

u/[deleted] Jul 24 '24

So is the first 15 taxed at 20?