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A rate cut and widening of tax slabs will reduce your tax outgo.
If your net taxable income after deductions is Rs 8 lakh, at the current rates you are paying Rs 75,400 in taxes.
They say that companies pay taxes and pay dividends out of post-tax profits, so it is unfair to tax this dividend again when it reaches the taxpayer.
While the government needs to review the dividend distribution tax on mutual funds, doing away with dividend tax on corporates may not be feasible.
This cost will only increase, making it difficult for anyone to fund their higher education without a loan.Even though this is an interim Budget, the NDA government may offer big tax cuts to woo the middle class before the general elections.