Are there schools of thought that don't believe in Karmic inheritance from prior births and don't believe you accumulate good or bad Karma during this life.
The Carvaka (sweet-talkers), also known as Lokayata philosophy, is a heterodox Hindu philosophy named after its founder and often classified with its fellow dissenter philosophies.
Being a heterodox school of thought means that Carvaka rejects the idea that the Vedas are revealed texts (sruti) and also rejects the power of the Brahmin priestly class. It is a materialistic philosophy that places most of its emphasis on the here and now and life as we perceive it as we live through it. The Carvaka system only accepts perceived knowledge to be true and therefore dismisses the concept of an afterlife. Although the philosophy is believed to be quite old, there are very few texts that deal directly with the system itself.
There is no single piece of extant literature that is solely based on the materialistic philosophy of the Carvaka. The few writings that clearly relate to the system are not very old in Hindu terms (a few centuries) but many scholars believe that there is evidence of criticisms of the Carvaka principles in earlier writings by adversary philosophers such as Sankara.