Sixth Pay Commission will submit its report on 31st March 2008 as stated by Finance Minister P. Chidambaram in his Budget speech. He hoped that the pay commission report will fulfill the expactations of lacs of Central Government Employees.He also proposed to change the Income Tax rate in view of the Sixth Pay Commission report. It will also benfit the employees. New rate of tax slabs are as follows:
0 - 1.50 lac : Nill Tax (1.80 lac for woman)
1.50 lac (1.80 lac for woman) to 3.00 lac : 10%
3.00 lac to 5.00 lac : 20%
5.00 and above : 30%
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