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  • Income and Tax Scenarios For Salaried Individuals

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    Vignesh Radhakrishnan
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    The tax rate for those earning between ₹5 lakh and ₹7.5 lakh has been lowered from 20% to 10%, and for incomes between ₹7.5 lakh and ₹10 lakh to 15% from 20%. Similarly, tax rates have been lowered from 30% to 20% for those earning between ₹10 lakh and ₹12.5 lakh, and to 25% for those with incomes from ₹12.5 lakh to ₹15 lakh.

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    Income and tax scenarios for salaried individuals

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    The tax rate for those earning between ₹5 lakh and ₹7.5 lakh has been lowered from 20% to 10%, and for incomes between ₹7.5 lakh and ₹10 lakh to 15% from 20%. Similarly, tax rates have been lowered from 30% to 20% for those earning between ₹10 lakh and ₹12.5 lakh, and to 25% for those with incomes from ₹12.5 lakh to ₹15 lakh.

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    © All Rights Reserved
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    215 vistas1 página

    Income and Tax Scenarios For Salaried Individuals

    Cargado por

    Vignesh Radhakrishnan
    The tax rate for those earning between ₹5 lakh and ₹7.5 lakh has been lowered from 20% to 10%, and for incomes between ₹7.5 lakh and ₹10 lakh to 15% from 20%. Similarly, tax rates have been lowered from 30% to 20% for those earning between ₹10 lakh and ₹12.5 lakh, and to 25% for those with incomes from ₹12.5 lakh to ₹15 lakh.

    Copyright:

    © All Rights Reserved
    Descargue como PDF, TXT o lea en línea desde Scribd
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    INCOME AND TAX SCENARIOS

    The graphic looks at various scenarios of taxable income for salaried individuals and calculates the total tax payable before the proposals in Budget
    2020-21 and after applying them. This is based on E&Y calculations. To try out various scenarios, download google sheet at https://bit.ly/2uTzPEi

    Particulars Individual -Taxable income < ₹10 lakh ...₹10 to ₹15 Lakhs ...₹15 to ₹50 Lakhs
    Pre Budget Post Budget Pre Budget Post Budget Pre Budget Post Budget
    Income from Salary
    Basic Salary 450000 450000 850000 850000 1150000 1150000
    HRA 180000 180000 150000 150000 500000 500000
    LTA 75000 75000 75000 75000 150000 150000
    Special Allowance 80000 80000 500000 500000 700000 700000
    NPS contrib. by employer 45000 45000 85000 85000 115000 115000
    Total income 830000 830000 1660000 1660000 2615000 2615000
    HRA - - -80000 - -305000 -
    LTA - - -75000 - -75000 -
    Less: Standard deduction -50000 - -50000 - -50000 -
    Less: Professional tax -2400 777600 - 830000 -2400 1452600 - 1660000 -2400 2182600 - 2615000
    House Property income - -200000 - -200000 -
    SB a/c Interest 10000 10000 30000 30000 50000 50000
    FD interest 40000 50000 40000 50000 15000 45000 15000 45000 25000 75000 25000 75000
    Gross Total income 827600 880000 1297600 1705000 2057600 2690000
    Section 80C -54000 -150000 - -150000 -
    EPF 54000 - 102000 - 138000 -
    PPF - - 50000 - 50000 -
    Section 80CCD -45000 -45000 -135000 -85000 -165000 -115000
    NPS- addnl contribution - 100000 - 100000 -
    NPS- Employer contrib. 45000 45000 85000 85000 115000 115000
    Medical Insurance - - - - -18000 - -18000 -
    Premium
    Interest from savings bank - -10000 - - -10000 - -10000 -
    Pre Tax Income 718600 835000 9,84,600 1620000 1714600 2575000
    Income-tax 56220 50250 109420 223500 326880 510000
    Less: Rebate Sec. 87A - - - - - -
    Tax after Rebate 56220 50250 109420 223500 326880 510000
    Tax payable after surcharge 56220 50250 109420 223500 326880 510000
    Health & Edu Cess @ 4% 2249 2010 4377 8940 13075 20400
    Total tax 58470 52260 113800 232440 339960 530400

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