Union Budget How Much do You Have to Pay as Tax

first_imgSuppose you avail ₹1,50,000 out of this, then you are left with a taxable income of₹ 50,000 The Union Budget is out, tax caps have been announced; and now it is time for you to sit down and calculate how much you need to pay as tax from your annual income.Here are some calculations to figure out:IncomeIncomeAmountAmountIncomeSupposed IncomeAmount₹6,00,000 per annumIncomeIncome tax exemption after the new budget (for those under 60 years of age)Amount₹2,50,000IncomeHow much is left as taxable incomeAmount₹ 3,50,000IncomeIf you have made investments in savings instruments such as National Savings Certificate or other investment schemes under Section 80C, you are eligible for tax exemption of up toAmount₹1,50,000IncomeHow much is left as taxable incomeAmount₹ 2,00,000IncomeIf you have taken a house loan, your tax exemption limit on the loan interest has been raised toAmount₹2,00,000IncomeSuppose you avail ₹1,50,000 out of this, then you are left with a taxable income ofAmount₹ 50,000IncomeIn addition, if you avail other reimbursements for medical and travel allowancesAmount- ₹15,000 (for medical) + ₹9,600 (under travel allowance)IncomeHow much is left as taxable incomeAmount₹ 25,400 If you have taken a house loan, your tax exemption limit on the loan interest has been raised to₹2,00,000 How much is left as taxable income₹ 3,50,000 If you have made investments in savings instruments such as National Savings Certificate or other investment schemes under Section 80C, you are eligible for tax exemption of up to₹1,50,000 Income tax exemption after the new budget (for those under 60 years of age)₹2,50,000 Supposed Income₹6,00,000 per annum How much is left as taxable income₹ 2,00,000 In addition, if you avail other reimbursements for medical and travel allowances- ₹15,000 (for medical) + ₹9,600 (under travel allowance) IncomeAmount How much is left as taxable income₹ 25,400last_img

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