The government announced seven syllabuses for the salaried class in the budget 2022-23

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In a recent meeting, the Finance Minister yesterday announced the financial budget for the 2022-23 session. According to details, the government has introduced seven slabs of income tax on the salaried class in the country for the next budget year. The government has given exemption from salary up to Rs. 50,000 (Rs. 600,000 per annum) from income tax. The government will deduct Rs. 100 where taxable annual income exceeds Rs. 600,000 (Rs. 50,000 per month) but not more than Rs. 1.2 million per annum (Rs. 100,000 per month).

Taxable annual income is more than Rs. 1.2 million (Rs. 100,000 per month) but annual income does not exceed Rs. 2.4 million or Rs. 200,000 per month, the government will deduct 7% of the amount exceeding the annual income of Rs. 1.2 million where taxable annual income exceeds Rs. 2.4 million or Rs. 200,000 per month but not more than Rs. 3.6 million per annum or Rs. 300,000 per month, the tax rate will be 12.5% ​​of the amount exceeding Rs. 2.4 million plus a fixed amount of Rs. 84,000 annually.

Also, taxable annual income is more than Rs. 3.6 million or Rs. 300,000 per month but not more than Rs. 6 million per annum / Rs. 500,000 per month, the tax rate will be 17.5% of the amount exceeding Rs. 3.6 million with additional fixed amount. 234,000 per annum (Rs. 19,500 per month). The government will cut Rs. 654,000 per annum (Rs. 54,500 per month) + 22.5% of the amount above Rs. 6 million if the taxable annual income is more than Rs. 6 million (Rs. 500,000 per month) but not more than Rs. 12 million (Rs. 1 million).

However, taxable annual income exceeds Rs. 12 million (Rs. 1 million per month), the government will deduct Rs. 2,004,000 (Rs. 1,67,000 per month) + more than Rs. 32.5%. 12 million According to the new finance bill, the government has proposed an income tax rate of 20% on the income of small companies, 42% for banking companies and 29% for other companies.

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