Know why, there is good news for you, your salary will increase this year on older salaries
While presenting the budget this year, the Finance Minister announced a standard deduction of Rs 40,000. It means that your taxable income will be reduced by 40,000 this year compared to the previous year, i.e. you will have to pay less and thus your salary will increase.
New Delhi: The last day of the first month of the new fiscal year has come. Most companies pay salaries to their employees from the 30th of the current month to the 7th of the next month. It means that there is a time to get salaried. Since the financial year has changed and the month of April is the first month after the budget, the impact on the tax front will affect your salary.
Now, in your mind, these questions should be raised that if you do not have your own right now, that is why the salaries have not increased, then what will be the change in this month, then we tell you that this time there is good news for you. There is some relief for you on the tax front. Your salary will increase according to the old salary.
How will the salary increase?
Let me tell you that the Finance Minister had announced the standard deduction of Rs 40,000 while presenting the budget this year. It means that your taxable income will be reduced by 40,000 this year compared to last year, i.e. you will have to pay less and thus your salary will increase.
Tax deduction has been given on medical reimemberment and transport allowance under standard deduction. At present, Medical Reimbursement is Rs 15,000 and Transport Allowance is Rs 19,200. Those who do not have to pay bills now to get tax exemption
But if you have come to pay the bill, then only Rs 5800 will be your tax relief.
Who, how much profit?
Who will benefit from this will be based on the fact that how many salaries are available and which slab of tax comes in. At this time there are three slabs of tax. 5%, 20% and 30% tax slab. 5 per cent up to 5 lakh, 20 per cent to 5 lakh to 10 lakh and 30 per cent tax above 10 lakh.
If you do not pay the bills, those who come in 5% tax slab will benefit from Rs. 8000 and those who come in 2000, 20% tax slab, and Rs. 12,000 for the 30% tax slab.
And if the bill is coming out then according to this, the 5% tax slab would benefit from Rs. 290, 20% tax slab, and Rs. 1160 for those who come in the tax slab, and Rs. 1740 for the 30% tax slab.
How will the salary increase?
Let me tell you that the Finance Minister had announced the standard deduction of Rs 40,000 while presenting the budget this year. It means that your taxable income will be reduced by 40,000 this year compared to last year, i.e. you will have to pay less and thus your salary will increase.
Tax deduction has been given on medical reimemberment and transport allowance under standard deduction. At present, Medical Reimbursement is Rs 15,000 and Transport Allowance is Rs 19,200. Those who do not have to pay bills now to get tax exemption
But if you have come to pay the bill, then only Rs 5800 will be your tax relief.
Who, how much profit?
Who will benefit from this will be based on the fact that how many salaries are available and which slab of tax comes in. At this time there are three slabs of tax. 5%, 20% and 30% tax slab. 5 per cent up to 5 lakh, 20 per cent to 5 lakh to 10 lakh and 30 per cent tax above 10 lakh.
If you do not pay the bills, those who come in 5% tax slab will benefit from Rs. 8000 and those who come in 2000, 20% tax slab, and Rs. 12,000 for the 30% tax slab.
And if the bill is coming out then according to this, the 5% tax slab would benefit from Rs. 290, 20% tax slab, and Rs. 1160 for those who come in the tax slab, and Rs. 1740 for the 30% tax slab.
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
No comments:
Post a Comment