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Main Tables (Lower Version)

The document shows the impact of different salary levels (Rs. 3 lakh, Rs. 5 lakh, Rs. 10 lakh, Rs. 15 lakh, Rs. 20 lakh) on total income, deductions, taxable income, and tax payable for males and females. Key components include basic salary, allowances like HRA and medical, exemptions, deductions under sections 80C, 80D, and interest paid on home loans, and calculation of tax liability based on net taxable income. Higher salaries lead to more total income but also more deductions reducing taxable income and resulting tax payable.

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110 views2 pages

Main Tables (Lower Version)

The document shows the impact of different salary levels (Rs. 3 lakh, Rs. 5 lakh, Rs. 10 lakh, Rs. 15 lakh, Rs. 20 lakh) on total income, deductions, taxable income, and tax payable for males and females. Key components include basic salary, allowances like HRA and medical, exemptions, deductions under sections 80C, 80D, and interest paid on home loans, and calculation of tax liability based on net taxable income. Higher salaries lead to more total income but also more deductions reducing taxable income and resulting tax payable.

Uploaded by

vishalbharatshah2776
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLS, PDF, TXT or read online on Scribd
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Page 2

IMPACT OF BUDGET ON YOUR RS 10 LAKH


SALARY RS 3 LAKH SALARY RS 5 LAKH SALARY SALARY
Income Category Existing Proposed Existing Proposed Existing
Basic Salary 144,000 144,000 264,000 264,000 540,000
House Rent Allowance (Note 1) 72,000 72,000 132,000 132,000 270,000
Medical Allowance 15,000 15,000 15,000 15,000 15,000
Special Allowance 34,920 34,920 34,520 34,520 73,600
Conveyance 9,600 9,600 9,600 9,600 9,600
Employer's Contribution to PF 17,280 17,280 31,680 31,680 64,800
Employer's Contribution to NPS 7,200 7,200 13,200 13,200 27,000
Total Salary Income 300,000 300,000 500,000 500,000 1,000,000
Interest Income 5,000 5,000 10,000 10,000 20,000
Total Income 305,000 305,000 510,000 510,000 1,020,000
Less: Exempt Income
Employer's Contribution to PF 17,280 17,280 31,680 31,680 64,800
HRA 57,600 57,600 105,600 105,600 -
Medical Allowance 15,000 15,000 15,000 15,000 15,000
Conveyance 9,600 9,600 9,600 9,600 9,600
Total Allowance exepmt 99,480 99,480 161,880 161,880 89,400
Balance 205,520 205,520 348,120 348,120 930,600
Deductions
Tax on Employment 2,500 2,500 2,500 2,500 2,500
Section 80C Deductions 50,000 50,000 100,000 100,000 100,000
Employer's contribution to NPS (Note 3) - 7,200 - 13,200 -
Section 80D Medical Premium (Note 2) 15,000 15,000 15,000 15,000 15,000
Section 80 CCF Infra Bonds 20,000 20,000 20,000 20,000 20,000
Interest paid on home loans - - - - 150,000
Total Deductions 87,500 94,700 137,500 150,700 287,500
Net Taxable Income 118,020 110,820 210,620 197,420 643,100
Tax on Total Income
For Males NIL NIL 5,214 1,794 64,499
For Females NIL NIL 2,124 764 61,409

Notes:
1. HRA deduction is minimum of the following a) Actual HRA Received b) Rent paid in excess of 10% of Basic Salary and Dearn
c) 50% of Basic Salary + DA if the rented house is situated in Mumbai, Delhi, Chennai, Kolkata or 40% of Salary + DA in any oth
actual rent paid is assumed to be same as the amount of HRA received.
2. Additional Rs. 15,000 is allowed as deductions in case medical premium is paid for parents (increased to Rs. 20,000 in case p
citizens).
3. Employers' contribution in New Pension Scheme (NPS) upto 10% of salary is exempted from tax. In the above example it is
RS 10 LAKH RS 15 LAKH RS 20 LAKH
SALARY SALARY SALARY
Proposed Existing Proposed Existing Proposed
540,000 816,000 816,000 1,080,000 1,080,000
270,000 408,000 408,000 540,000 540,000
15,000 15,000 15,000 15,000 15,000
73,600 112,680 112,680 171,800 171,800
9,600 9,600 9,600 9,600 9,600
64,800 97,920 97,920 129,600 129,600
27,000 40,800 40,800 54,000 54,000
1,000,000 1,500,000 1,500,000 2,000,000 2,000,000
20,000 25,000 25,000 30,000 30,000
1,020,000 1,525,000 1,525,000 2,030,000 2,030,000

64,800 97,920 97,920 129,600 129,600


- - - - -
15,000 15,000 15,000 15,000 15,000
9,600 9,600 9,600 9,600 9,600
89,400 122,520 122,520 154,200 154,200
930,600 1,402,480 1,402,480 1,875,800 1,875,800

2,500 2,500 2,500 2,500 2,500


100,000 100,000 100,000 100,000 100,000
27,000 - 40,800 - 54,000
15,000 15,000 15,000 15,000 15,000
20,000 20,000 20,000 20,000 20,000
150,000 150,000 150,000 150,000 150,000
314,500 287,500 328,300 287,500 341,500
616,100 1,114,980 1,074,180 1,588,300 1,534,300

56,877 194,149 179,482 340,405 321,659


55,847 191,059 178,452 337,315 320,629

10% of Basic Salary and Dearness Allowance (DA) or


r 40% of Salary + DA in any other cases. In the above calculations,

ncreased to Rs. 20,000 in case parents are senior

tax. In the above example it is assumed that employer makes 5% contribution.

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