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Once income breaches the ₹12,75,500 threshold (accounting for the standard deduction amounting to ₹75,000), income above ₹4 lakhs will be taxed per the revised tax slabs. The tax slabs outlined hereunder will be applicable under the new tax regime for those with income above ₹12.75 lakh. The updated tax rates are as follows:
This represents a 25% reduction from the current tax liability of ₹60,000. Similarly, an individual earning ₹15 lakh will be required to pay only ₹1.5 lakh, which is equivalent to 10% of their income. This represents a 20% reduction from the existing liability of ₹1,87,500. [5]
Above Rs 15 lakh Standard deduction has been increased from 50,000 to 75,000. Ernst & Young estimates that, following standard tax deduction polices, income of upto 7.75 lakh is extempted from income tax after introduction of the increase in standard deduction.
So if you have $3 million, you could withdraw $120,000 in your first year. If inflation was around 3%, you could safely take $123,600 in the next year, and so forth.
If you put $335 a month into a retirement plan over 35 years, and your stock investments generate a 10% yearly return, you're looking at retiring with almost $1.1 million. Yes, really.
Provisions in the 2017 Tax Cuts and Jobs Act (TCJA) that lowered individual tax rates are scheduled to expire on Dec. 31, 2025, unless Congress acts to extend them.
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