Interim budget FY20: Income Tax benefit chart
- Country:
- India
Finance Minister Piyush Goyal Friday proposed to exempt people with annual income up to Rs 5 lakh and raise the standard deduction from Rs 40,000 to Rs 50,000 per annum. Following is the table of impact on individual on tax proposals (in Rs):
Existing Proposed
Salary 5 lakh 5 lakh 7.5 lakh 7.5 lakh 20 lakh 20 lakh
Std deduction 40,000 50,000 40,000 50,000 40,000 50,000
Net total income 4.6 lakh 4.5 lakh 7.1 lakh 7 lakh 19.6 lakh 19.5 lakh
Tax 10,500 10,000 54,500 52,500 3,00,500 2,97,500
Net tax 10,500 NIL 54,500 52,500 3,00,500 2,97,500
Surcharge
Edu cess 420 NIL 2,180 2,100 12,020 11,900
Total tax 10,920 NIL 56,680 54,600 3,12,520 3,09,400
Tax savings -- 10,920 -- 2,080 -- 3,120
Source: B S R & Co. LLP
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