There is some marginal relief for salaried individuals. The income tax basic exemption limit has been upped.
Measure: Basic exemption limit increased by Rs 10,000
The new tax slabs now stand as follows:
Male taxpayers
0 to 160000 0
160001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
Female taxpayers
0 to 190000 0
190001 to 300000 10%
300001 to 500000 20%
Above 500000 30%
Impact: You save taxes! Here's is how much tax you would save
| Taxable income (Rs) |
Tax - before budget |
Tax -after budget |
Difference |
| Male |
Female |
Male |
Female |
Male |
Female |
| 200000 |
5150 |
2060 |
4120 |
1029 |
1030 |
1031 |
| 500000 |
56650 |
53560 |
55620 |
52529 |
1030 |
1031 |
| 1000000 |
211150 |
208060 |
210120 |
207029 |
1030 |
1031 |
| 1200000 |
300245 |
296845 |
271919 |
268829 |
28326 |
28016 |
| 1500000 |
402215 |
398815 |
364619 |
361529 |
37596 |
37286 |
| 2000000 |
572165 |
568765 |
519119 |
516029 |
53046 |
52736 |
| 2500000 |
742115 |
738715 |
673619 |
670529 |
68496 |
68186 |
| 4000000 |
1251965 |
1248565 |
1137119 |
1134029 |
114846 |
114536 |
|
|
|
|
|
|
In Rs |
Measure: Surcharge of 10 per cent on taxable income over Rs 10 lakh done away with
Impact: Lower tax payable for those earning taxable income over Rs 10 lakh
Measure: Proposes Saral 2 form to simplify tax payment
Impact: You can now look forward to simpler process while filing your tax returns
Measure: Fringe Benefits Tax (FBT) has been abolished
Impact: If your company has been passing on the burden of FBT on the perquisites it pays to you, then you can rest assured, they won't do it anymore!
Measure: Limit for deduction under section 80DD increased from Rs 75,000 to Rs 1 lakh
Impact: For those who have disabled dependents, this proposal provides additional tax sops
For more on Budget Impact, click on:
Students | Senior citizens | Investors | Small businesses | Professionals | Salaried | Housewives
