Bracketed joy for Hyderabad professionals over tax slabs

Bracketed joy for Hyderabad professionals over tax slabs

Hyderabad-based Ankit Priya and Bansari Trivedi, who will be tying the knot mid-2025, have more reasons to celebrate.

Minutes after the announcement of new tax slabs by Union Finance Minister Nirmala Sitharaman, they realised that they will be saving about ₹20,000-₹25,000 as a couple, which they aim to invest in the share market.

Working in the area of public policy research and advocacy with the Foundation for Democratic Reforms, Ankit said he makes between ₹50,000 and ₹70,000 per month.

“Last fiscal, I paid around ₹11,000 as income tax, which I will be exempt from in the next fiscal. I will now have more in-hand income and can use the surplus money for investing,” he said. His fiancé, working in the education sector, will save a little more.

Higher investments and savings are the norm for most Hyderabad citizens, as Ms. Sitharaman announced I-T exemption for annual income of up to ₹12 lakh and rejig in tax slabs.

While professionals earning an annual income of less than ₹12 lakh lauded the Budget and called it a big relief, those on the other side of the fence said that revised tax rates will only make minimal difference.

Chittala Sai Prasad, who works at NMDC and makes ₹50,000-₹80,000 per month, said that with the latest announcement, he will be able to save close to 15% of his annual income. “My annual tax savings will be ₹1,79,400, which is approximately 14.95% of my income. Since the new tax exemption limit is ₹12.8 lakh, I will no longer have to pay income tax on salary. This will positively impact my financial planning, allowing better savings and improve financial security,” he explained.