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Everyone had their eyes on the 2019-2020 budget as to what the government will be announcing in it. Salaried individuals were the ones that were eagerly waiting for the budget in order to find out what tax will be charged to them for the upcoming fiscal year. And it looks a gloomy situation for the salaried individual class that has been burdened with increased taxes while the overall taxable income limit has also been decreased. The new tax slabs will be applicable to the individuals from July 2019 with the majority of the people facing an increase in the tax rate specifically the ones who are earning high salaries.
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| Income Slab | Tax Rate |
| Taxable income less than Rs. 600,000 | 0% |
| Taxable income between Rs. 600,000 & Rs. 1,200,000 | 5% of the amount exceeding Rs. 600,000 |
| Taxable income between Rs. 1,200,000 & Rs. 1,800,000 | Rs. 30,000 and 10% on amount exceeding Rs. 1,200,000 |
| Taxable income between Rs. 1,800,000 & Rs. 2,500,000 | Rs. 90,000 and 15% on amount exceeding Rs. 1,800,000 |
| Taxable income between Rs. 2,500,000 & Rs. 3,500,000 | Rs. 195,000 and 17.5% on amount exceeding Rs. 2,500,000 |
| Taxable income between Rs. 3,500,000 & Rs. 5,000,000 | Rs. 370,000 and 20% on amount exceeding Rs. 3,500,000 |
| Taxable income between Rs. 5,000,000 & Rs. 8,000,000 | Rs. 670,000 and 22.5% on amount exceeding Rs. 5,000,000 |
| Taxable income between Rs. 8,000,000 & Rs. 12,000,000 | Rs. 1,345,000 and 25% on amount exceeding Rs. 8,000,000 |
| Taxable income between Rs. 12,000,000 & Rs. 30,000,000 | Rs. 2,345,000 and 27.5% on amount exceeding Rs. 12,000,000 |
| Taxable income between Rs. 30,000,000 & Rs. 50,000,000 | Rs. 7,295,000 and 30% on amount exceeding Rs. 30,000,000 |
| Taxable income between Rs. 50,000,000 & Rs. 75,000,000 | Rs. 13,295,000 and 32.5% on amount exceeding Rs. 50,000,000 |
| Taxable income greater than Rs. 75,000,000 | Rs. 21,420,000 and 35% on amount exceeding Rs. 75,000,000 |
