New Delhi:
The budget has brought spring out in the lives of salary. On choosing a new regime, there is tax on income of 12 lakhs. But there are millions of employees who continued to sit overnight and calculate. No benefit, of ‘disadvantage’. Ah is coming out of his heart. In fact, bumper relief of 80 thousand received on tax exemption on income of 12 lakh is slipping from his hand. The issue is that this time is of appraisal. The increase will be implemented from 1 April and 1 April This is also a tax -exemption relief. So such employees whose income is close to 12 lakhs, will get a shock slowly. The increase in the increase in tax will be cut in tax. So this must be coming out in their mind, O boss this time my increment is rarely done. Just understand Rahul’s example.
What is the tax exemption for budget
Tax is zero on income of Rs 12 lakh. If you add standard deduction of 75 thousand rupees separately in it, then the income tax of 12 lakh 75 thousand became free. Suppose Rahul’s salary is 12.75 thousand. This time, if you get close to 10 % incidence, then the salary becomes 14 lakhs. So Rahul Saheb will get out of the radius of 12 lakh 75 thousand of tax exemption. The Income Tax Department will deduct their tax around 82 thousand and their hands will come around 1.25 lakh. Meaning if the increase had not been done, then the full 12 lakh 75 thousand would have come in the hand. The increase increased by about 1.25 lakh in the increase, but the hands of 13 lakhs, or 30-35 thousand, came out of the thick cut. In such a situation, the fun of the increase is to fade.
One situation also takes that if Rahul’s boss is more happy with his performance and assume his increase in 20 %, then his salary will be around 15.3 lakhs. In this way, the tax will be deducted close to one lakh. 14 and a half lakhs will be cut off. So Rahul will benefit, but the 20 % increase will also give sweet pain.
Middle class gets relief
Explain that Union Finance Minister Nirmala Sitharaman announced the new tax slab and said that now no tax will have to be paid on earnings up to Rs 12.75 lakh. After this major change in the tax slab, there has been zero tax from 0 to 12 lakhs, but if the earnings are Rs 13 lakh, then on income of up to Rs 16 lakh, the tax of 15 percent will come in the tax slab. According to this, 5 percent on Rs 4-8 lakh, 10 percent on Rs 8-10 lakh, 15 percent on 12-16 lakhs, 20 percent on 16-20 lakhs, 25 percent on 20-24 lakh and more than 24 lakhs Tax up to 30 percent on earnings will have to be paid.
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