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A recent Money Today-Naukri.com survey of 1.7 lakh employees in India reveals that as many as 67 per cent expect a good hike this year. While this may be in the realm of expectation, Finance Minister Pranab Mukherjee has already given all taxpayers a hike by raising tax slabs. Depending on how much you earn, you will be taking home between Rs 170 and Rs 4,800 more per month from April onwards. How do you intend to use this surplus? Here are 10 suggestions to choose from based on your financial circumstances and life stage.

I wonder what "hike" means here though I know in general it means "a hike".

Source : http://in.news.yahoo.com/253/20100416/1650/tbs-ways-to-use-your-tax-savings.html
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Hi,

A sudden, sharp increase in their net pay.

You could also call it a sudden, sharp cut in taxes.

Clive
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Hi Clive,

I'm sorry could you please explain "by raising tax slabs"?

Thank you.

Tinanam
Hi,

Finance Minister Pranab Mukherjee has already given all taxpayers a hike by raising tax slabs.

I've never heard the phrase 'tax slabs' before.

It's obviously some reference to the way tax is calculated in India.

Consider this example.

Tax is calculated on your income as follows.

0% on income of $0 to $10,000

20% on income of $10,001 to $20,000

30% on income of $20,001 to $50,000

Possibly each of these levels is called a 'slab'.

Clive
Hi Clive,

Thank you for your help.

Tinanam
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