Clarification update towards the end.
each month due to the new tax regime.
If I understand it correctly, and my memory is very poor, we paid 20% tax for Rs.2.5-5 lac. Now, anything above Rs.2.5lac will incur 30% tax.
New tax rate @ 30% for 2.5lac (2.5-5 lac slab) = Rs.75000
Old tax rate @ 20% for 2.5lac (2.5-5lac slab) = Rs.50000
Diff = Rs.25000
Per month = 25000/12 = Rs.2083.33 p/m
That's a huge farking amount of money for me to be shelling out - in addition to what I already pay ! Why can't the dumb assholes bring more people under the tax net than squeezing the last drops out of those people already in ?!
Excuse me for the profanity. The above amount, if calculated right, squeezes my already tightly planned buget !
Update: Looks like we were already paying 30% tax from 1.5lac upwards (I must pay notice to what I'm paying out!). So, the present move of having to pay 30% only from 2.5lac upwards is actually a blessing given that there's an exemption for the first 1Lac too. So, screw me and thanks to the Indian FM :)