The government has increased income tax rates for salaried individuals in the budget for the upcoming fiscal year 2024-25.
According to Express News, individuals earning Rs50,000 per month will be exempt from income tax. For those earning between Rs600,000 and Rs1.2 million annually, the income tax rate has been set at 5%. This means that individuals earning up to Rs100,000 per month will now pay a monthly tax of Rs2,500, up from Rs1,250.
For annual incomes between Rs1.2 million and Rs2.2 million, the tax rate has been increased to 15%. Thus, individuals with a monthly salary of Rs183,344 will now face a monthly tax of Rs15,000, up from Rs11,667.
Also read: Govt unveils Rs18.877 trillion budget with record development fund, salary hikes
Incomes between Rs2.2 million and Rs3.2 million annually will be taxed at 25%. Monthly salaries of Rs267,667 will see their tax rise to Rs35,834, up from Rs28,770.
For those earning between Rs3.2 million and Rs4.1 million annually, the tax rate has been set at 30%. This means that individuals with a monthly salary of Rs341,667 will now pay a monthly tax of Rs53,333, up from Rs47,408.
Meanwhile, an income tax rate of 35% will be applied to annual salaries exceeding Rs4.1 million.
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