Salaried Taxpayers Proposed Slab Rates | Federal Budget 2019-2020 ||
In the upcoming federal budget for the financial year 2019-2020 is expected to be announced on 11th June 2019. Many new taxes as well as increase in already charged tax rates is also expected.
Tax on salary is exempt up to Annual salary of Rs 400,000 per annum, tax on salaried Taxpayers was revised by the government in the previous year budget for the financial year 2018-2019 and following was the slab rates for the tax year 2019,
1. Where the taxable income does not exceed Rs, 400,000. (Exempt)
2. Where the taxable income exceeds Rs, 400,000 but does not exceed Rs, 800,000. (Rs 1,000)
3. Where the taxable income exceeds Rs, 800,000 but does not exceed Rs, 1,200,000. (2,000)
4. Where the taxable income exceeds Rs, 1,200,000 but does not exceed Rs, 2,400,000. (5% of the amount exceeding Rs, 1,200,000)
5. Where the taxable income exceeds Rs, 2,400,000 but does not exceed Rs, 4,800,000.(Rs, 60,000/- + 10% of the amount exceeding Rs. 2,400,000. )
6. Where the taxable income exceeds Rs, 4,800,000.(Rs. 300,000/- +15% of the amount exceeding Rs. 4,800,000. )
In the upcoming Budget such tax rates are expected to be increased and it will increase the burden of taxes on salaried class taxpayers.
from 8 Lac to 14 Lac Tax will be Rs 14,500
from 14 Lac to 15 Lac Tax will be Rs 79,500
from 15 Lac to 18 Lac Tax will be Rs 92,000
from 18 Lac to 25 Lac Tax will be Rs 137,000
from 25 Lac to 30 Lac Tax will be Rs 259,500
from 30 Lac to 35 Lac Tax will be Rs 359,500
From 35 Lac to 40 Lac Tax Will be Rs 472,000
from 40 Lac to 70 Lac Tax Will be Rs 597,000
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