Budget 2025: Unlocking Savings with Proposed Tax Reforms
The Indian financial landscape is buzzing with discussions about the upcoming Budget 2025. One of the most intriguing proposals comes from BankBazaar’s CEO Adhil Shetty, advocating for significant tax reforms. If you’re earning up to Rs 18 lakh, this could mean substantial savings for you!
Proposed Changes to Tax Slabs
Currently, individuals earning above Rs 15 lakh fall into the highest tax bracket of 30%. Shetty suggests raising this threshold to Rs 18 lakh and restructuring the tax brackets for better financial relief. Imagine the possibilities!
Calculating Potential Savings
Let’s break it down: If the highest tax slab is raised to Rs 18 lakh and you currently pay taxes on this income, you could save up to Rs 7,800. Here’s how:
- Current Tax on Rs 18 lakh: Approximately Rs 4,50,000.
- Proposed Tax with 30% slab: Rs 3,60,000.
- Estimated Savings: Rs 7,800.
This change could make a significant difference to your annual budget, allowing you to invest more in savings, travel, or even that dream car you’ve been eyeing!
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Conclusion
As we anticipate the unveiling of Budget 2025, the proposed tax reforms by Adhil Shetty present a promising outlook for taxpayers. Stay informed, and don’t miss out on the potential savings!
