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This is the tax you will pay now

July 10, 2004

The government on Thursday raised the income tax exemption limit to Rs 100,000 while imposing a 2 per cent education cess on taxable income. A person having taxable income exceeding Rs 1 lakh will now be required to pay in additional to income tax (after rebate), an education cess at the rate of 2 per cent.

Check out how much tax will you need to pay now (all figures in the table are in rupees):

Gross income

Std deduction

Taxable income

Tax earlier

Tax now

Change

50,00020,00030,000000
60,00024,00036,000000
1,00,00030,00070,0003,0000-3,000
1,50,00030,0001,20,00013,00013,260+260
2,00,00030,0001,70,00025,00025,500+500
5,00,00030,0004,70,0001,15,0001,17,300+2,300
8,50,00020,0008,30,0002,20,0002,24,400+4,400
10,00,00020,0009,80,0002,91,5002,96,800+5,300


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