Financial Budget 2024-2025: Brings Tax Hikes for Private Employees, Pay Raises for Govt Servants

Bad news for Private Employees, the government has crushed the salaried class people. There is no guarantee that the salary of private employees will increase, but they have been burdened with more taxes.

Income tax for salaried people has been increased in next year’s financial budget. People with a monthly income of Rs 50,000 will be exempted from income tax. The income tax of those earning 6 lakh to 12 lakh per annum has been 5%. The monthly income tax has been increased from Rs.1250 to Rs.2500.

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Income tax will be 15% on those earning 12 lakh to 22 lakh per annum. Tax on annual income of 22 lakhs to 32 lakhs has been 25%. Thus, the tax on those with an annual income of 32 lakh to 41 lakh has been 30%. 35% tax will be applied to an annual salary of Rs 41 lakh.

Big problem for the common salary earner but a big relief for government employees. Employees in grades 1 to 16 will get a 25 percent pay hike, while those in grades 17 to 22 will get a 20 percent pay hike.

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The minimum salary of the government has been increased from 32000 to 37000. Proposal to increase the pension of retired government employees by 15%. 1 thousand 14 billion rupees will be spent on pension. The pension of the newly recruited employees will be based on share. It means some part will be contributed by the employees and some part will be contributed by the government.

Additionally, In the budget, a ban on foreign travel was proposed for non-filers.