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Check out how your personal Income Tax will work after the Budget proposals made by Finance Minister P Chidambaram:
Comparison of Tax liabilities pre-Budget and post-Budget | |||||
For Men | |||||
Income Tax slab (Rs) | Old tax rate (%) | Old tax (Rs) | New tax rate (%) | New tax (Rs) | Benefit (Rs) |
0 to 110,000 | Nil | 0 | Nil | 0 | 0 |
110,001 to 150,000 | 10 | 4,000 | Nil | 0 | 4,000 |
150,001 to 250,000 | 20 | 20,000 | 10 | 10,000 | 10,000 |
250,001 to 300,000 | 30 | 15,000 | 10 | 5,000 | 10,000 |
300,001 to 500,000 | 30 | 60,000 | 20 | 40,000 | 20,000 |
500,001 and above | 30 | 30 | |||
1. A person having an income of up to Rs 3 lakh will get a benefit of Rs 24,000 | |||||
2. A person having an income of up to Rs 5 lakh will get a benefit of Rs 44,000 | |||||
For Women | |||||
Income Tax slab (Rs) | Old tax rate (%) | Old tax (Rs) | New tax rate (%) | New tax (Rs) | Benefit (Rs) |
0 to 145,000 | Nil | 0 | Nil | 0 | |
145,001 to 150,000 | 10 | 500 | Nil | 0 | 500 |
150,001 to 180,000 | 20 | 6,000 | Nil | 0 | 6,000 |
180,001 to 250,000 | 20 | 14,000 | 10 | 7,000 | 7,000 |
250,001 to 300,000 | 30 | 15,000 | 10 | 5,000 | 10,000 |
300,001 to 500,000 | 30 | 60,000 | 20 | 40,000 | 20,000 |
500,000 and above | 30 | 30 | |||
1. A woman having an income of up to Rs 3 lakh get benefit of Rs 23,500 | |||||
2. A woman having an income of up to Rs 5 lakh will get a benefit of Rs 43,500 | |||||
For Senior Citizens | |||||
Income Tax slab (Rs) | Old tax rate (%) | Old tax (Rs) | New tax rate (%) | New tax (Rs) | Benefit (Rs) |
0 to 195,000 | Nil | 0 | Nil | 0 | |
195,001 to 225,000 | 20 | 6,000 | Nil | 0 | 6,000 |
225,001 to 250,000 | 20 | 5,000 | 10 | 2,500 | 2,500 |
250,001 to 300,000 | 20 | 15,000 | 10 | 5,000 | 10,000 |
300,001 to 500,000 | 30 | 60,000 | 20 | 40,000 | 20,000 |
500,001 and above | 30 | 30 | |||
1. Senior citizens having an income of up to Rs 3 lakh will get a benefit of Rs 18,500 | |||||
2. Senior citizens having an income of up to Rs 5 lakh will get a benefit of Rs 38,500 |
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