The government has given a relief to the salaried class by reducing the tax slabs from 12 to 7 in the annual budget for fiscal 2022-23.
According to the 24News HD TV channel, the government has announced that the income up to Rs 600,000 will be exempted from taxation.
While the salary from Rs6 lac to 12 lac will be taxed at Rs100 per annum and a 7 per cent tax has been proposed on the annual income of Rs12 lac to Rs24 lac.
The channel report said that the employees getting a monthly salary of Rs1,50,000 will have to pay Rs 3,500 per month, those earning Rs200,000 will have to pay Rs7,000 and those earning Rs2,50,000 will have to pay Rs13,250.
Similarly, those who received Rs3,00,000 salary per month will pay Rs19,500, those who get Rs3,50,000 salary will pay Rs28,250, those who get Rs4,00,000 will pay income tax Rs37,000 per month.
Those who receive Rs4,50,000 per month will pay income tax Rs45,750 per month, those who receive Rs5,00,000 per month will pay Rs54,500 per month, those who receive Rs6,00,000 will pay tax Rs77,000 per month.
The salary men who receive Rs7,00,000 per month have to pay Rs99,500, those who receive Rs8,00,000 have to pay income tax Rs1,22,000 monthly, those who receive Rs9,00,000 per month will pay Rs1,44,500 per month and those who receive Rs10,00,000 per month salary have to pay Rs1,67,000 monthly income tax.