Read on to find out how the budget impacts your wallet
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Read on to find out how the budget impacts your wallet

Read on to find out how the budget impacts your wallet

  • February 29, 2016  
  • |  
  • UPDATED   16:42 IST

Enhancing of limit under Section 87A from Rs2,000 to Rs5,000 has impacted only the small tax payers having a total income not exceeding INR 5,00,000 resulting in a tax saving of Rs 3,090

Super rich burdened with an additional surcharge of 3% resulting in an additional cash outflow of approx. Rs 9.2 Lakhs

No relief to the individual tax payers having income exceeding Rs5,00,000

Read the tables below to understand the impact of budget on your wallet

 

Tax + Surcharge + edu cess








Taxable income INR 500,000




Categories

Current Tax

Proposed Tax

Impact - (Tax Savings)/ Additional Tax

 

I. For Non residents

                   25,750

             25,750

                   -

 

II. For Residents (except senior citizen)

                   23,690

             20,600

        (3,090)

 

III. For Resident Senior Citizen (60 and above, but less than 80 years)

                   18,540

             15,450

        (3,090)

 

III. For Resident Senior Citizen ( 80 years and above)

                              -

                        -

                   -

 





 

Taxable income INR 100,000,000




 

Categories

Current Tax

Proposed Tax

Impact - (Tax Savings)/ Additional Tax

 

I. For Non residents

          3,44,06,120

    3,53,27,713

    9,21,593

 

II. For Residents (except senior citizen)

          3,44,06,120

    3,53,27,713

    9,21,593

 

III. For Resident Senior Citizen (60 and above, but less than 80 years)

          3,44,00,352

    3,53,21,790

    9,21,438

 

III. For Resident Senior Citizen ( 80 years and above)

          3,43,77,280

    3,52,98,100

    9,20,820