7th Pay Commission: What CG employees got and what they did not get
New Delhi, Feb 02: The Union Budget 2020 turned out to be a damp squib where the 7th Pay Commission is concerned.
There were reports in various outlets that claimed that there would be a DA hike or a pay hike.
However OneIndia had said clearly that CG employees should expect nothing from the Budget.
Meanwhile there has been some major relief for Income Tax payers in the Union Budget 2020.
Finance Minister, Nirmala Sitharaman said that the tax rate of 30 per cent on income above Rs 15 lakh will continue.
For income between Rs 7.5 lakh and Rs 10 lakh the tax rate has been reduced to 15 per cent. An individual will be required to pay tax at a reduced rate of 10% between income of Rs 5-7.5 lakh under the new regime.
Presently an individual pays 20 per cent of tax on income between Rs 5 and 10 lakh and 30 per cent on income beyond Rs 10 lakh, Sitharaman said earlier. To provide significant relief to individual tax payers, I propose to bring a new simplified personal income tax regime, where the IT rates will be decreased the minister also said.
Further the minister also said that the new income tax rates would be optional and all exemptions will be taken away if opted for the FM also said.
The FM also said that those earning up to Rs 5 lakh per year will pay no income tax. Rs 40,000 crore per annum will be the revenue forgone from the new IT rates, the finance minister also said.
The CG employees have been demanding a hike in their basis minimum pay of Rs 26,000. The 7th Pay Commission had recommended a hike of Rs 18,000.