In the budget for the next fiscal year 2024-25, the income tax of the salaried class has been increased.

Individuals with a monthly income of Rs 50,000 have been exempted from income tax.

The income tax of those earning between 6 lakh and 12 lakh per annum has been reduced to 5%. Income tax on monthly income up to one lakh rupees has been reduced to 5%. The monthly income tax has been increased from Rs 1250 to Rs 2500.

Tax has been reduced to 15% on annual income of Rs 12 lakh to Rs 22 lakh. Income tax of 15% has been imposed on those earning 1 lakh 83 thousand 344 rupees per month. The income tax of these persons has been increased from 11667 to 15 thousand rupees per month.

A tax of 25% has been levied on annual income of Rs 22 lakh to Rs 32 lakh. Tax on monthly salary of Rs 2 lakh 67 thousand 667 has been reduced to 25%. Their income tax has been increased from 28 thousand 770 to 35 thousand 834 per month.

A tax of 30% has been levied on annual income of Rs 32 lakh to Rs 41 lakh. Tax on salary up to 3 lakh 41 thousand 667 per month has been reduced to 30%. The tax of these persons has increased from 47 thousand 408 rupees to 53 thousand 333 rupees per month.

35% tax will be applied on annual salary of Rs.41 lakh.