One friend was marking 47LPA and was working hard for promotion from 5yrs.
Finally got promotion last year and now his salary became 52L. He was happy until he filed ITR and got to know that out of 5L increase in salary he has to pay 2.5L in income tax because of high tax slab and surcharge.
> Tax on 47L was around 10L
> Tax on 52L is around 12.5L
So, basically he has to now pay his 50% salary to Govt while his responsibilities, work pressure increased by 50% due to promotion. That's the kind of cruelty Govt is doing to its hardworking and honest taxpayers.
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