The tax structure for salaried individuals has remained unchanged for several years. This time, the Maharashtra Gazetted Officers Federation is requesting that salaries up to Rs 10 lakh be tax-free in the upcoming budget.
In their letter, the federation proposes a revised tax structure: no tax on salaries up to Rs 10 lakh, 5% on incomes from Rs 10 lakh to 15 lakhs, 10% from Rs 15 lakh to 20 lakh, 20% from Rs 20 lakh to 25 lakh, and 30% on earnings above Rs 25 lakh. They also seek an additional concession of Rs 2 lakh for senior citizens.
Furthermore, the federation is asking for an increase in the home loan interest limit to Rs 3.5 lakh and a raise in the medical insurance premium exemption to Rs 75,000. They believe these concessions will alleviate financial pressure on the salaried class.