I am here sharing the Complete Income Tax Slabs 2019-20 for Salaried Persons for their information. Tax range is 5% to 35% that has been covered into 11 slabs as given in the table.
If an employee gets salary 600,000/- per annaum and average 50,000/- per month or more then he is eligible for the new income tax rates 2019-20. Further details are available at the copy of the table submitted by Mr. Muhammad Adnan Tahir.
Will the teachers enjoy 40% tax exemption after this budget or the exemption has been abolished? Plz, reply
As soon as i get the updates in this regard I shall share.
rebate is amended and it is reduced from 40% to 25% in finance act 2019 for the teachers. Now the teacher will pay 75% of total income tax rather then 60%.
Zahid Khwaja you are right .
I think the new income tax slab will work as follows:
For example, monthly income of a person is 60,000, now how to calculate monthly income tax, let us see:
Monthly income: 60000
Yearly income: 720000 (600000×12)
Amount exceeding 600000: 120000 (720000-600000)
Annual Tax: 6000 (5% of 120000)
Monthly tax: 500 (6000/12)
So, if your monthly income is 60000, monthly tax will be 500.
Thanks for the guidance.
Monthly income is gross salary?special allowance and deputation allowance are also taxable income or not? plz clarify