The finance Minister, in his budget speech, announced marginal tax benefits for individual tax payers. He increased the basic exemption limit for male taxpayers and female taxpayers by Rs 10,000 and that of senior citizens by Rs 15,000. There is no change in the Corporate Tax rates, while there has been a modest hike in the exemption limit on personal Income Tax. The exemption limit for Senior Citizens has been increased from Rs. 2.25 lakh to Rs. 2.40 lakh. For Women tax payers the exemption limit has been increased by Rs.10,000 to from Rs.1.80 lakh to Rs. 1.90 lakh and from Rs. 1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers. He abolished the surcharge of 10% on income over Rs 10 lakh.
The new tax slabs now stand as follows;
Tax Rate For Individuals
Income Level
|
Tax Rate
|
Upto 1,60,000
|
Nil
|
1,60,001 to 3,00,000
|
10%
|
3,00,001 to 5,00,000
|
20%
|
Above 5,00,000
|
30%
|
Tax Rate For Senior citizens
Income Level
|
Tax Rate
|
Upto 240000
|
Nil
|
240000 to 300000
|
10%
|
300001 to 500000
|
20%
|
Above 500000
|
30%
|
With the help of below given Table you can understand, what will be your saving from the revision
For men and women
Taxable income (Rs)
|
Tax - before budget
|
Tax -after budget
|
Difference
|
|||
Male
|
Female
|
Male
|
Female
|
Male
|
Female
|
|
2,00,000
|
5150
|
2060
|
4120
|
1029
|
1030
|
1031
|
5,00,000
|
56650
|
53560
|
55620
|
52529
|
1030
|
1031
|
10,00,000
|
211150
|
208060
|
210120
|
207029
|
1030
|
1031
|
12,00,000
|
300245
|
296845
|
271919
|
268829
|
28326
|
28016
|
15,00,000
|
402215
|
398815
|
364619
|
361529
|
37596
|
37286
|
20,00,000
|
572165
|
568765
|
519119
|
516029
|
53046
|
52736
|
25,00,000
|
742115
|
738715
|
673619
|
670529
|
68496
|
68186
|
40,00,000
|
1251965
|
1248565
|
1137119
|
1134029
|
114846
|
114536
|
For senior citizens
Taxable income (Rs)
|
Tax before budget
|
Tax after budget
|
Difference
|
2,00,000
|
Nil
|
Nil
|
Nil
|
5,00,000
|
49875
|
47379
|
2496
|
10,00,000
|
203424
|
201879
|
1545
|
12,00,000
|
291746
|
263679
|
28067
|
15,00,000
|
393716
|
356379
|
37337
|
20,00,000
|
563667
|
510879
|
52788
|
25,00,000
|
733617
|
665379
|
68238
|
40,00,000
|
1243467
|
1128879
|
114588
|
See Also: How To Calculate Income Tax For Salaried Person?
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