00:00Hi, this is Bhavna and you are watching GoodReturns.
00:03Today, the second full budget of Modi Karakal has been presented in Sansad, Modi 3.0.
00:10A lot of announcements have been made and the biggest relief has been given regarding income tax.
00:16Although, after the relief given in income tax, our taxpayers are a little confused as to how their salary will be taxed.
00:26So, to make the tax system easy for you, we have with us the tax expert, Mr. Sharad Kohli.
00:33Sir, thank you very much for talking to us once again.
00:37We had discussed the budget earlier as well.
00:41Sir, first of all, we would like to get your views on the budget.
00:47If we look at it from the perspective of the economy, how was today's budget?
00:52It is a very balanced budget, Bhavna.
00:56It touches every work of the society.
00:59And if you ask me to make a theme for this budget,
01:02if you ask me what the theme will be,
01:04then I will say, from the house to the middle class, from the middle class to the blessings of Mahalaxmi.
01:10The entire budget, every work of the society, whether it is youth, women, farmers, MSMEs,
01:19there is probably a work that does not touch it.
01:21But the biggest takeaway of the budget, as you said in the beginning,
01:25I feel that such a big relief of the income tax has not been seen in many budgets in the past.
01:31So, that is why the taxpayers are very excited about it.
01:34And I know a lot of taxpayers who are going out for dinner this evening,
01:39some are celebrating tomorrow, some have invited me as well.
01:42So, they are so happy because so much money is being saved in their pockets.
01:48And now they are thinking, what will we do with this money?
01:51Someone is saying, we will go on vacation.
01:53Someone is saying, we will buy a new TV at home.
01:55Someone is saying, we will buy a washing machine.
01:57Someone is saying, the microwave has become very old, we will buy a new one.
01:59Someone is saying, we will put the children's school in a better place.
02:04Someone is talking about cars.
02:07So, I think the budget, as we were saying in the beginning,
02:13when we did the budget,
02:15I was talking about consumption,
02:17that the government has to put money in people's pockets.
02:20We have seen that sentiment in this budget,
02:23especially in the middle class, especially the middle class taxpayers.
02:26It will come in the pockets of others as well, through other schemes.
02:29But at least through tax, this money is going to be saved in your pockets.
02:34There is no doubt about it.
02:35Absolutely.
02:36Sir, 12 lakh has been given to the tax-free income.
02:40But this will cause the government a loss of 1 lakh crore.
02:45So, is this considered a beneficial step by the government?
02:49Will it increase in GDP?
02:51Or will we see a decline?
02:53Absolutely, you are right.
02:55There is a revenue loss of 1 lakh crore.
02:57But see, when you go at the international level,
03:00whenever the tax is reduced, the tax collection increases.
03:04When the government reduced the tax, when the new regime came,
03:08the tax had increased.
03:10And the tax collection has increased by 20%.
03:13So, I feel that this 1 lakh crore that has been reduced,
03:16it will increase manifold.
03:17And secondly, why do we forget this sentiment,
03:19that when this 1 lakh crore will be saved for people,
03:22then they will either save it or spend it.
03:25Mostly, I hope that people will spend it.
03:27These days, especially the youth work less.
03:29Eat, drink, have fun.
03:31So, when they will spend it,
03:33then by spending it, consumption will increase.
03:35By increasing consumption, private investment will increase.
03:38More factories will be set up.
03:40And the second big thing,
03:42the government will get GST.
03:44When you spend, you will get GST.
03:46So, by going around,
03:48somehow or the other,
03:50it will come back to the government.
03:52And it will increase, I can assure you.
03:54Absolutely.
03:55Sir, but people are still getting a little confused.
03:58Because this decision has been taken,
04:00in which the income up to 12 lakh has been tax-free.
04:03The standard deduction of 75,000 is also benefitting.
04:06Meaning, if your income is 12,75,000,
04:09then you will not be taxed.
04:11You will not be taxed.
04:13Sir, please make it a little easier,
04:15and explain what the meaning of this decision is.
04:17Because today, a new tax slab,
04:19the way the new tax regime has been revised,
04:22it is also being said that
04:24if your income is 0 to 4 lakh, then it is nil.
04:26If it is 4 to 8, then it is 5%.
04:28And similarly, if it is 8 to 12, 12 to 15,
04:31our rates are being implemented.
04:35So, sir, how should this be explained?
04:37Please make it a little easier for our viewers.
04:42Yes, absolutely.
04:43First of all, see,
04:44what used to be 3 lakhs,
04:46now it is 4 lakhs instead of 3 lakhs.
04:48Few people have said that
04:49your basic exemption limit has increased.
04:51I am talking about the new regime.
04:53So, you are absolutely right.
04:540 to 4, 0 tax.
04:554 to 8 lakhs, 5%.
04:578 to 12, 10%.
04:5912 to 16, 15%.
05:0116 to 20, 20%.
05:0320 to 24, 25%.
05:06And now, 30% will be imposed
05:08on the slab above 24 lakhs.
05:11So, this is a big relief
05:13which used to be imposed above 15 lakhs.
05:15Now, the question arises that
05:16people are saying that
05:17you are saying that
05:1812 lakhs tax will not be imposed.
05:19And the salaried person
05:20will not be taxed up to 12,75,000
05:22by adding the standard deduction.
05:23So, what is this 0 to 4, 4 to 8, 4 to 12?
05:27So, the thing to note here is that
05:29this is section 87A
05:31under which you get rebate.
05:33And that rebate says that
05:35if your income is up to 12 lakhs
05:37or up to 12,75,000
05:39from your non-salary,
05:41then you have 0 tax.
05:44Because as soon as you cross 12 lakhs
05:46or 12,75,000,
05:48there is some minor relief too.
05:50But I will explain it directly.
05:51So, the slabs which I have told you,
05:550, 4, 8, 12,
05:58those slabs are imposed on you.
06:00So, I repeat that
06:02if your income is up to 12 lakhs
06:04or up to 12,75,000,
06:06then your tax will be 0.
06:08But if you go above that,
06:10then the method of tax calculation
06:12will remain the same.
06:130 to 4, 0.
06:144 to 8, 5%.
06:158 to 12, 10%.
06:17Then this calculation
06:18is done in this way.
06:20And you will get a big relief.
06:22You remember,
06:23I had talked about this on the show.
06:25Earlier,
06:2630% tax used to be imposed
06:27directly from 20 lakhs.
06:29I am talking about
06:30the new regime which is
06:31going on above 15 lakhs.
06:33And in this,
06:34a jump used to be imposed
06:35from 20 to 30.
06:36Now, a new slab of 25%
06:39has been brought up
06:40from 20 lakhs to 24 lakhs.
06:42This means that
06:43your slabs have increased.
06:44The range of slabs has increased.
06:46The upper limit of slabs has increased.
06:48And the highest tax imposed
06:50will now be above 24 lakhs.
06:52You will get a big relief.
06:55Now, people who take
06:56a salary of 12,75,000,
06:58a tax of 71,350 is imposed
07:00on them.
07:02Just think,
07:03from 71,350,
07:04suddenly I came to know
07:05that I have zero tax.
07:07Now, that is why
07:08I have started thinking
07:09about what to do
07:10with this 71,000.
07:11In this,
07:12you get a TV,
07:13a fridge,
07:14and a small holiday
07:15to roam around.
07:17So, this magic has happened.
07:19And one more good thing is
07:21that it is not that
07:22the taxpayers have benefited
07:23up to 12 lakhs.
07:25Even if your income
07:26is 40-50 lakhs,
07:28you will definitely
07:29get some benefit
07:30from it.
07:32Because the change
07:33in the slabs of tax
07:34which is the gap
07:35of 4-4 lakhs,
07:37you will definitely
07:38get some benefit
07:39from it.
07:40Absolutely.
07:41Sir, now you see
07:42that when we talked
07:43earlier,
07:44you said that
07:45it is necessary
07:46to redefine the middle class.
07:48Earlier,
07:49the income of 4-5 lakhs
07:50used to come
07:51in the middle class.
07:52But today,
07:53the way inflation
07:54is increasing,
07:55our lifestyle is also
07:56changing.
07:57In that,
07:58the income of 12-15 lakhs
07:59should be brought
08:00in the middle class.
08:01And today,
08:02the government
08:03has also taken
08:04special care of this.
08:05But sir,
08:06don't you feel
08:07a little dishonest
08:08that if your income
08:09is up to 12,75,000,
08:10I am using the word
08:11up to,
08:12up to your income,
08:13then you will not
08:14get taxed.
08:15From 80,
08:16this rebate
08:17will be applied
08:18on you.
08:19After that,
08:20if your income
08:21increases,
08:22if your income
08:23is 13 lakhs,
08:24which is more
08:25than 25,000,
08:26then you will
08:27have to pay
08:28tax according
08:29to the revised
08:30tax slab.
08:31Bhavna,
08:32there is also
08:33a page in this.
08:34The page is
08:35that a marginal
08:36relief has been
08:37given.
08:38When it was
08:397 lakhs,
08:40you will remember
08:41that for 7 lakhs,
08:4287A,
08:43not 80CA,
08:44it is 87A.
08:45When it was
08:467 lakhs,
08:47it was given
08:48to you.
08:49When it was
08:507 lakhs,
08:51it was given
08:52to you.
08:53When it was
08:547 lakhs,
08:55it was given
08:56to you.
08:57When it was
08:587 lakhs,
08:59it was given
09:00to you.
09:01When it was
09:027 lakhs,
09:03it was given
09:04to you.
09:05When it was
09:067 lakhs,
09:07it was given
09:08to you.
09:09When it was
09:107 lakhs,
09:11it was given
09:12to you.
09:13When it was
09:147 lakhs,
09:15it was given
09:16to you.
09:17When it was
09:187 lakhs,
09:19it was given
09:20to you.
09:21When it was
09:227 lakhs,
09:23it was given
09:24to you.
09:25When it was
09:267 lakhs,
09:27it was given
09:28to you.
09:29When it was
09:307 lakhs,
09:31it was given
09:32to you.
09:33When it was
09:347 lakhs,
09:35it was given
09:36to you.
09:37When it was
09:387 lakhs,
09:39it was given
09:40to you.
09:41When it was
09:427 lakhs,
09:43it was given
09:44to you.
09:45When it was
09:467 lakhs,
09:47it was
09:48given
09:49to you.
09:50When it
09:51was
09:527 lakhs,
09:53it was
09:54given
09:55to you.
09:56When it
09:57was
09:587 lakhs,
09:59it was
10:00given
10:01to you.
10:02When it
10:03was
10:047 lakhs,
10:05it was
10:06given
10:07to you.
10:08When it
10:09was
10:107 lakhs,
10:11it was
10:12given
10:13to you.
10:14When it
10:15was
10:167 lakhs,
10:17it
10:18was
10:19given
10:20to
10:21you.
10:22When
10:23it
10:24was
10:257 lakhs,
10:26it
10:27was
10:28given
10:29to
10:30you.
10:31When
10:32it
10:33was
10:347 lakhs,
10:35it
10:36was
10:37given
10:38to
10:39you.
10:40When
10:41it
10:42was
10:437 lakhs,
10:44it
10:45was
10:46given
10:47to
10:48you.
10:49When
10:50it
10:51was
10:527 lakhs,
10:53it
10:54was
10:55given
10:56to
10:57you.
10:58When
10:59it
11:00was
11:017 lakhs,
11:02it
11:03was
11:04given
11:05to
11:06you.
11:07When
11:08it
11:09was
11:107 lakhs,
11:11it
11:12was
11:13given
11:14to
11:15you.
11:16When
11:17it
11:18was
11:197 lakhs,
11:20it
11:21was
11:22given
11:23to
11:24you.
11:25When
11:26it
11:27was
11:287 lakhs,
11:29it
11:30was
11:31given
11:32to
11:33you.
11:34When
11:35it
11:36was
11:377 lakhs,
11:38it
11:39was
11:40given
11:41to
11:42you.
11:43When
11:44it
11:45was
11:467 lakhs,
11:47it
11:48was
11:49given
11:50to
11:51you.
11:52When
11:53it
11:54was
11:557 lakhs,
11:56it
11:57was
11:58given
11:59to
12:00you.
12:01When
12:02it
12:03was
12:047 lakhs,
12:05it
12:06was
12:07given
12:08to
12:09you.
12:10When
12:11it
12:12was
12:137 lakhs,
12:14it
12:15was
12:16given
12:17to
12:18you.
12:19When
12:20it
12:21was
12:227 lakhs,
12:23it
12:24was
12:25given
12:26to
12:27you.
12:28When
12:29it
12:30was
12:317 lakhs,
12:32it
12:33was
12:34given
12:35to
12:36you.
12:37When
12:38it
12:39was
12:407
12:41lakhs,
12:42it
12:43was
12:44given
12:45to
12:46you.
12:47When
12:48it
12:49was
12:507 lakhs,
12:51it
12:52was
12:53given
12:54to
12:55you.
12:56When
12:57it
12:58was
12:597 lakhs,
13:00it
13:01was
13:02given
13:03to
13:04you.
13:05When
13:06it
13:07was
13:087 lakhs,
13:09it
13:10was
13:11given
13:12to
13:13you.
13:14When
13:15it
13:16was
13:177 lakhs,
13:18it
13:19was
13:20given
13:21to
13:22you.
13:23When
13:24it
13:25was
13:267 lakhs,
13:27it
13:28was
13:29given
13:30to
13:31you.
13:32When
13:33it
13:34was
13:357 lakhs,
13:36it
13:37was
13:38given
13:39to
13:40you.
13:41When
13:42it
13:43was
13:447 lakhs,
13:45it
13:46was
13:47given
13:48to
13:49you.
13:50When
13:51it
13:52was
13:537 lakhs,
13:54it
13:55was
13:56given
13:57to
13:58you.
13:59When
14:00it
14:01was
14:027 lakhs,
14:03it
14:04was
14:05given
14:06to
14:07you.
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