Some relief to the employees and general public who got 7th pay commission in the new income tax regime
Vidarbha OBC leader Dr. Ashok Jeevtode's reaction to the new tax system of the central government.
The new income tax system has given some relief to the salaried public and the general public, but the world is deceived because it is not what it seems. Vidarbha OBC leader Dr. on the new tax system of the central government.
Although there is relief to some extent, 5% tax for those with a salary limit of 3 to 6 lakhs, 10% tax for those with a salary limit of 6 to 9 lakhs, 15% tax for those with a salary limit of 9 to 12 lakhs, 12 to 15 lakhs 20% tax for those within the limit and 30% tax for income limit above 15 lakhs.
On the first day of the Lok Sabha today, Finance Minister Nirmala Seetharaman made a slight change in the tax system. But that change is not enough. The old tax system has been abolished and a new tax system has been introduced. Surcharge has been reduced from 37% to 25%, which roughly shows relief to commin people.
But according to the Seventh Pay Commission, it was necessary to increase the exemption limit given to the employees up to seven lakhs. It seems that the employees are not satisfied. Although the salary has increased according to the rising inflation, the tax limit is the same, so the employees will not get the actual benefit of the rising salary. Jeevtode said.
The new budget is favorable for employment creation and there is substantial provision for industry, tribals, cooperatives, health and education sector, but this budget shows that there is less provision for agriculture.
The new budget is favorable for employment creation and there is substantial provision for industry, tribals, cooperatives, health and education sector, but this budget with less provision for agriculture is also favorable for get
