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BusinessTrending

Know your tax liability after budget in simple steps

by TLN Team February 5, 2019February 5, 2019
written by TLN Team February 5, 2019February 5, 2019
Know your tax liability after budget in simple steps

The Central government presented (perhaps its last) interim budget last week. Finance Minister, Piyush Goyal proposed a number of sops to the salaried class as well as the farmers of the country. The increase in the income tax limit along with Standard Deduction amount is the talk of the town, with several people still having questions in their mind about their actual tax liability. The article explains the same in simple language.

How to calculate income tax after budget

Announcement of a full tax rebate on an annual income up to Rs. 5 lakh to Rs. 10000 hike in standard deduction ( total Rs. 40000) applicable to the salaried and pensioners, the Budget 2019 proposes few key changes to income tax laws.

When the new income tax rules come into effect, that is, from Assessment Year 2020-21, individual assessees’ tax pay-out will change accordingly.

Let us now see how the fresh calculations will be !!

New tax calculation examples Assessment Year 2020-21
Net Taxable annual income in rupees (i.e. after adjusting deductions) 3,50,000 4,00,000 5,00,000 10,00,000
Tax 5,000 (@ 5% on 1,00,000) 7,500 (@ 5% on 1,50,000) 12,500 (@ 5% on 2,50,000) 1,12,500 (@5% on 2,50,000, 20% on 5,00,000)
Rebate under Section 87A of I-T Act 5,000 7,500 12,500 NA
Tax liability 0 0 0 1,12,500
Cess @ 4% 0 0 0 4,500
Tax payable (after cess) 0 0 0 1,17,000
Assessment Year 2019-20
Taxable income 3,50,000 4,00,000 5,00,000 10,00,000
Tax 5,000 7,500 12,500 1,12,500
Rebate 2,500 NA NA NA
Balance Tax 2,500 7,500 12,500 1,12,500
Cess 100 300 500 4,500
Tax payable 2,600 7,800 13,000 1,17,000

 

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