I see the new budget as very attractive and I feel that it is taking India more towards development. Everyone is wishing for a no-tax nation but I would say that it can take a lot of time to get implemented but from the looks of it, after they introduced a new tax regime, the government is taking heavy steps towards regulating taxes in India. I noticed a few things that are very useful as part of the budget and I have also been thinking about moving to the new tax regime instead of the old one so that I can pay flat taxes and don't want to deal with proof submissions and all.
No taxes till 12 lakhs
One thing that I like about the new tax regime in India is that the opportunity for people to submit fake bills and fake taxes has been reduced. It is also very welcoming for some of the tax slabs. We can see that more and more people are switching to new tax regimes in the last few years and every year some new excitements are brought in the new tax regime to make it more adaptable. The highlight from this year is that there is no tax for people who are earning an income of 12 lakhs per annum. As per the tax slab, the taxes are applicable but there are options available for people to exceed taxes until 12 lakhs by showing necessary proofs.
There have been so many debates on this and some people say that there are some hidden taxes that people don't understand and some financial experts have tried to explain how good this is. People always see the wrong side of the coin and they say that people who are earning 1 rupee more than 12 lakhs are heavily taxes. I think it is a normal thing and people are doing this just for the sake of argument.
Electric vehicle prices are about to drop
I'm a fan of electric vehicles and I also own an electric bike. Though this is a sector that needs a lot of improvements in the years to come, people still don't purchase electric vehicles because they are afraid and another reason is that it is very costly. With the help of this offer, the price of electric vehicles will drop even further and it can become affordable again for people who would like to purchase electric vehicles and switch to alternative sources of energy instead of burning fossil fuels.
It is not just electric vehicles but mostly anything that is using Li-Ion might have this impact and can become better and affordable.
Overall reducing complications
I personally like the way the government is thinking of reducing the tax calculation complications. I find it very hard to submit proofs and bills to get tax exemption. Though for me the old tax regime is the benefit, submitting proofs is the painful thing. But with all these comforts in the new tax regime, I'm tempted to move to the new tax regime. Even if the taxes are slightly elevated by a few thousand, I think it will be hassle-free to pay taxes in the new Tax regime so that I don't have to worry about anything much.
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