The government on Thursday raised the income tax exemption limit to Rs 100,000 while imposing a 2 per cent education cess on taxable income. A person having taxable income exceeding Rs 1 lakh will now be required to pay in additional to income tax (after rebate), an education cess at the rate of 2 per cent.
Check out how much tax will you need to pay now (all figures in the table are in rupees):
|
Gross income |
Std deduction |
Taxable income |
Tax earlier |
Tax now |
Change |
| 50,000 | 20,000 | 30,000 | 0 | 0 | 0 |
| 60,000 | 24,000 | 36,000 | 0 | 0 | 0 |
| 1,00,000 | 30,000 | 70,000 | 3,000 | 0 | -3,000 |
| 1,50,000 | 30,000 | 1,20,000 | 13,000 | 13,260 | +260 |
| 2,00,000 | 30,000 | 1,70,000 | 25,000 | 25,500 | +500 |
| 5,00,000 | 30,000 | 4,70,000 | 1,15,000 | 1,17,300 | +2,300 |
| 8,50,000 | 20,000 | 8,30,000 | 2,20,000 | 2,24,400 | +4,400 |
| 10,00,000 | 20,000 | 9,80,000 | 2,91,500 | 2,96,800 | +5,300 |