The government is considering to reduce the income tax relief given to the salaried class in the recent budget following the recommendation by the International Monetary Fund (IMF).
Sources privy to the development that the government may reduce the relief given to the salaried class to pave the way for debt repayment.
It was revealed that the government can provide relief to those earning up to Rs 1 lakh per month. However, the tax proposed in the budget for those earning Rs. 125,000 per month will be Rs. 2,500 per month instead of Rs. 1,250.
Similarly, the tax proposed in the budget for those with a monthly salary of Rs 200,000 will be increased from Rs 7,000 to Rs 10,000 per month, added sources.
In addition, according to the current budget, a tax of Rs 19,500 was to be levied on persons with a monthly salary of Rs 300,000 which will be increased to Rs. 24,500 after the IMF’s demand.
Sources privy to the development that the government may reduce the relief given to the salaried class to pave the way for debt repayment.
It was revealed that the government can provide relief to those earning up to Rs 1 lakh per month. However, the tax proposed in the budget for those earning Rs. 125,000 per month will be Rs. 2,500 per month instead of Rs. 1,250.
Similarly, the tax proposed in the budget for those with a monthly salary of Rs 200,000 will be increased from Rs 7,000 to Rs 10,000 per month, added sources.
In addition, according to the current budget, a tax of Rs 19,500 was to be levied on persons with a monthly salary of Rs 300,000 which will be increased to Rs. 24,500 after the IMF’s demand.
