Last Updated on October 31, 2021 by Galaxy World
According to the Budget Speech 2019-20, I am sharing the New Income Tax Rates 2019-20 for Government Employees for Government Employees. Detail is as under:
Minimum taxable income has been fixed Rs. 600,000/- per annum for the salaried persons and for the non-salaried persons it has been fixed Rs. 400,000/-.
There will be introduced 11 Slabs of tax for the employees getting annual salary more than 6 lacs. The range of the tax will be 5% to 35%.
To be taxable your monthly income should be minimum Rs. 50,000/-. If your income is 50,000 per month then your tax per month will be Rs. 2500/- or the Tax will be extra amount more than 50,000/- per month. Now please mention how much net increase in salary. Please if any expert can explain if it is correct calculation or not as I am not expert of accounts / taxes etc.