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QUESTIONS [19] ANSWERED [19] PENDING [0]

  • MODERATOR:

    Hello and welcome to the chat with Ravi Jain, Executive Director, Personal Tax, PwC on Budget impact on your personal tax


    RAVI JAIN:

    Hello everyone!


  • A

    ANANDHA KUMAR

    I have income of 16 lakhs a year and aged 37. I did not own a house so far but I have an equity invesment of 30 lakhs and 4 lakhs MF investments with 16 lakhs insurance coverage. Could you please suggest me whether I can buy house to exempt from tax ? Is it good idea to buy a house with loan? If so please let me know the feasible amount of loan that I should take?

    RAVI JAIN

    Sorry, you must consult an investment advisor. However, you can avail a deduction of 2 lakhs towards interest payment made on housing loan for self occupied.


  • D

    DAVIES DIAZ

    Income Tax above 5L seems to be very disappointed. How smartly can I save tax? Is there any special way to save the tax?

    RAVI JAIN

    The change of tax rate for the slab 2.5 to 5 lakh will also generate tax savings for income group upto 50 lakhs therefore dont be disappointed and you should avail the tax saving measures to plan your taxes better.


  • R

    RAJU ROY

    What are the far-reaching consequences of the revised tax slab?

    RAVI JAIN

    Besides, the tax savings to lower income group and an additional tax for higher income group of above 50 lakhs (refer to my earlier answers for precise numbers), this will help in widening the tax base of the country.


  • A

    ANAND

    What will be the impact of the Budget on the tax liability of people earning around 40 lakh annually?

    RAVI JAIN

    There will be a tax saving of around 12,875.


  • S

    SAURABH

    Has the Budget made the rich people poor and poor people rich?

    RAVI JAIN

    Hi, welcome to the chat.. The tax rates for income group between 2.5 to 5 lakh has been reduced to 5% which will result in a saving ranging from 2,500 to 7725 depending on the income level. Those earning income above 50 lakh will have to pay a surcharge of 10% which could result in an additional tax of about 2,76,812 depending on the income level.


  • T

    THANISH SHAW

    A person with taxable income of Rs 3.5 lakh will pay a tax of Rs 2,575 as against Rs 5,150 payable earlier. Will home loan be taken into account to avoid this tax

    RAVI JAIN

    Under section 80C/24(b), you will be eligible to claim deduction towards principal repayment of housing loan/ interest repayment subject to applicable limit.


  • A

    AMAN ARORA

    How does one minimise minimum surcharge of 10% on income of above Rs 50 lakh?

    RAVI JAIN

    As per the marginal relief provisions, your surcharge shall be limited to the amount by which your income exceeds 50 lakhs in case you just crossed the 50 lakhs limit.


  • U

    UJJWAL TRIVEDI

    I have a shop from which I am earning 78,000/month as rent and loan EMI is 79,000/month. The shop is on my wife's name who is a house wife and the tenant is already deducting 10%TDS. Kindly inform me how much income tax do I need to pay as I purchased the shop 4 months ago

    RAVI JAIN

    Your wife has to pay tax at applicable rates claiming TDS as deduction towards taxes due.


  • R

    RISHA RASHMI

    What is the trajectory that you see for interest rates for the current calendar year?

    RAVI JAIN

    Economists and Bankers may suggest.


  • A

    ANURAG BINDAL

    FM reduce income tax for small companies to 25% with annual turnover upto Rs 50 crore, will it attract more tax from the evaders?

    RAVI JAIN

    No comments.


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