Check out how your personal Income Tax will work after the Budget proposals made by Finance Minister P Chidambaram:
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Comparison of Tax liabilities pre-Budget and post-Budget | |||||
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For Men |
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|
Income Tax slab (Rs) |
Old tax rate (%) |
Old tax (Rs) |
New tax rate (%) |
New tax (Rs) |
Benefit (Rs) |
|
0 to 110,000 |
Nil |
0 |
Nil |
0 |
0 |
|
110,001 to 150,000 |
10 |
4,000 |
Nil |
0 |
4,000 |
|
150,001 to 250,000 |
20 |
20,000 |
10 |
10,000 |
10,000 |
|
250,001 to 300,000 |
30 |
15,000 |
10 |
5,000 |
10,000 |
|
300,001 to 500,000 |
30 |
60,000 |
20 |
40,000 |
20,000 |
|
500,001 and above |
30 |
30 |
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1. A person having an income of up to Rs 3 lakh will get a benefit of Rs 24,000 | |||||
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2. A person having an income of up to Rs 5 lakh will get a benefit of Rs 44,000 | |||||
|
For Women |
|||||
|
Income Tax slab (Rs) |
Old tax rate (%) |
Old tax (Rs) |
New tax rate (%) |
New tax (Rs) |
Benefit (Rs) |
|
0 to 145,000 |
Nil |
0 |
Nil |
0 |
|
|
145,001 to 150,000 |
10 |
500 |
Nil |
0 |
500 |
|
150,001 to 180,000 |
20 |
6,000 |
Nil |
0 |
6,000 |
|
180,001 to 250,000 |
20 |
14,000 |
10 |
7,000 |
7,000 |
|
250,001 to 300,000 |
30 |
15,000 |
10 |
5,000 |
10,000 |
|
300,001 to 500,000 |
30 |
60,000 |
20 |
40,000 |
20,000 |
|
500,000 and above |
30 |
30 |
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1. A woman having an income of up to Rs 3 lakh get benefit of Rs 23,500 | |||||
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2. A woman having an income of up to Rs 5 lakh will get a benefit of Rs 43,500 | |||||
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For Senior Citizens |
| ||||
|
Income Tax slab (Rs) |
Old tax rate (%) |
Old tax (Rs) |
New tax rate (%) |
New tax (Rs) |
Benefit (Rs) |
|
0 to 195,000 |
Nil |
0 |
Nil |
0 |
|
|
195,001 to 225,000 |
20 |
6,000 |
Nil |
0 |
6,000 |
|
225,001 to 250,000 |
20 |
5,000 |
10 |
2,500 |
2,500 |
|
250,001 to 300,000 |
20 |
15,000 |
10 |
5,000 |
10,000 |
|
300,001 to 500,000 |
30 |
60,000 |
20 |
40,000 |
20,000 |
|
500,001 and above |
30 |
30 |
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1. Senior citizens having an income of up to Rs 3 lakh will get a benefit of Rs 18,500 | |||||
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2. Senior citizens having an income of up to Rs 5 lakh will get a benefit of Rs 38,500 | |||||