All the Salaried Class employees are eagerly waiting for the announcement in Budgets. They expect the change Income Tax Slab as the 7th CPC recommendation is ahead to be implemented. As per our expectation the Finance Minister may widen Income Tax Slab due implementation of 7CPC as follow :- Income above Rs. 1500000 Tax Rate 30%Income Rs. 800000-1500000 20%Income Rs. 400000-800000 10%Income below Rs. 400000 nil
- Saving Limit under 80c may be increased to Rs. 200000
- TA Exemption No Change
- Medical reimbursement : A salaries person is entitled to a tax benefit for medical reimbursement from the employer up to the Rs. 15000/- year. This limit remain unchanged from many years.
- Children's Education Allowance : Only Rs. 100 for Education allowance and 300 PM Hostel allowance are exempted from the Income Tax from a long time, it is expected to be increased in the current Budget.
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