Software Developer

Chartered Accountant

Standard deduction for new regime..not old

Software Engineer

Standard deduction for employees increased to 75k STCG  increased to 20% LTCG increased to 12.5% 🥹🥹🥹

Welcome to News Discussion's Private Community

Standard deduction for employees increased to 75k
STCG  increased to 20%
LTCG increased to 12.5%
🥹🥹🥹

Increment in tax [Budget 2024]

Increment in tax [Budget 2024]- Grapevine

Standard deduction on salary increased to 75k (only new tax regime)

Drop your thoughts about ongoing announcement from Budget. 

Drop an announcement and underneath people will add their thoughts

Budget Thread

Co-Founder

Welcome to Personal Finance's Private Community

Seems like since last year the focus of government has shifted from actually making beneficial policies to enable innovation and growth of India to just collecting taxes blindly. 

They just want to harvest tax in as many ways possible and kill the middle class person.

First it was crypto. 

Then us salaried individuals started receiving notices. 

Then they levied 28% GST on online gaming. 

Now they are also checking proofs for HRA allowance and other stupid stuff which wasn't done before. 

I was wondering why there is a sudden increase in such incidents? Is the government hiding something? Are they running out of money?

Or are they just smoking weed just like us and making stupid rules?

Nirmala tai is looting us

This government’s primary intention is to collect more and more taxes in whatever mean’s possible. They don’t give a f**k about anything. And then will brag every month/quarter about record GST collection! This government is pathetic to say the least! No accountability and arrogance is at its peak. We have come to a point where we can’t even question the government otherwise you will be termed as anti national.

Product Manager

All the UNBOOKED Gains in your Portfolio would now attract -

25% MORE LTCG (10% to 12.50% is NOT 2.5%, but 25% more), Surcharge extra as applicable.

33.33% MORE STCG (15% to 20% is NOT 5%, but 33.33% more), Surcharge extra as applicable.

More taxes

Product Owner

We pay income tax, gst etc, no benefits interms of healthcare, education, good quality of life etc. We save our hard earned money to invest in markets to get good returns for our retirements etc. Indian gov is taking money from there as well.

Salaried employees are fucked for life

Coming Tomorrow.. 

What is your expectation?

Budget 2024! 🏦

Welcome to IT Company Discussion's Private Community

Hi all, I'm joining a new organisation and they are offering 22 LPA, how much would be the tax deduction under the new tax regime monthly/annual ? Your help would really be appreciated! 

Thanks in advance!

Tax Deduction

Welcome to Office Gossip's Private Community

Budget 2023 What's cheaper and what's costlier?

Budget 2023

Project Coordinator

Govt of India is best at killing Middle Class. What percentage of your total CTC did you pay in tax. Income Tax department id the new Sahukar.

Percentage of Total CTC did you pay in tax ?

Analyst

This should help everyone understand the true picture of income brackets Indians fall in, where do viners belong?

Earnings bracket wise

Hi everyone,

The year end is here. It was a great year for my FIRE journey and I thought I'll share an update with you all.

With few days left in 2023, I've crossed 2.65 CR in net worth after touching 2 CR in May this year.

Here's the breakup:

Direct shares: 1.7 CR (this was the major driver of growth),
ELSS: 0.06 CR,
Company shares: 0.06 CR,
Real Estate: 0.4 CR (while it is between 42-45 now, keeping this unchanged from May),
EPF: 0.34 CR (interest for last year kicked in),
NPS: 0.06 CR (investing because I'm in 30% bracket, getting 14.8% xirr here),
SGB: 0.03 CR

The driver for growth has been a high saving rate.

In 2023, i've added 29.5 lakhs in equity, about 2.5 lakhs every month. 6 lakhs in company shares (US listed). The EPF and NPS savings are on top of this. My target was to save 36 lakhs in equity overall, and it's done! Targeting the same for next year. I'm aiming to cross 2 CR in equity before July 24.

Another change I did this year is that I've moved away from active advisory. I get the stock ideas from Twitter discussions, analyse them fundamentally and take bets based on the charts. I'm quite confident of my charting skills with max drawdown of 25-30% but upside of multiple x. I could capture 2-3 2x this year with sizable investment in them. I got this confidence after i could take my wife's account from 11 lakhs to 20 lakhs in about 2 years.

While the next year can be a huge bull run if BJP wins, I'm still trying to diversify. I'm planning to add a real estate of about 75 lakhs by paying 10%. This will help me leverage as well. The rental yield is the property is approx 5% and calculations show that I'll have to only pay 40-45% of the EMI and rest will be covered through rent. This should bring my equity exposure down from the current 65% to less than 50%. In this I'm trying to diversify and leverage while not denting my current equity corpus.

Suggestions welcome to make this FIRE journey better!

Thanks!

Crossed 2 CR and 2.5 CR in the same year

Project Manager

- No changes in old regime.
- No tax reliefs.
- No changes in 80C
- Increased STCG and LTCG for stock and MF investments.

They increased the standard deduction in new regime from 50k to 75k and called it as "a tax relief to middle class"

Union Budget 2024 (aka) How to screw middle class? 🤷🏻

Welcome to Software Engineers's Private Community

Those who are earning more than 50lpa base how much tax do you end up paying? 😶‍🌫️

Tax on 50lpa+

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

Senior Product Manager

First of all - We need a catchy phrase for Tax, because tax or TDS is too middle class. Let's say DGT - Direct Government Taxes. 

For example, if you're getting a 30% hike, we must say hike of 20% + DGT. 

Same way, your salary of 30LPA should be announced as 20LPA + DGT. Assume everyone has 7LPA income from ancestral FDs and rents and other stuff, and everyone is in 30% tax bracket by default. 

WDYT?

Let's start normalising CTC excluding TDS

Rahul Gandhi in a rally says this :
"The youth who are unemployed and watching Facebook Instagram reels today will be given ₹1,00,000 khatakhat khatakhat!"

Now, I don't know how can someone be an advocate for this kind of statement?
I know this won't happen but at least give a proper reason. He is literally saying watch reels and earn.

I really feel privileged that TikTok is banned after hearing this from a leader who is trying to become PM of our country.

F Hard Work!

I am a software engineer in Bangalore having base CTC 13.8 lpa. Which brings me to a tax of more than a lakh rupees, what are the possible ways to reduce this taxed amount.

Suggestions to save tax ?

Since we are seeing a lot of layoffs, a lot of companies are using this as an excuse to provide less increment this year. Interested to know what sort of increments are you’ll getting this year and how much did you get last year?

Increment this year?

I got a good hike this year. Around 34% mostly because I got promoted and my hike in the previous year was shit. I work in finance

I am straight outta clg, asking for me and my friend. Dont know shit about taxes epf gratuity and esops etc, will study about it soon but just wanted to know the figures now so that i can tell it at my home.
Thanks Grapeviners and wish u a merry Christmas 🎄.

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