Tax calculato 07
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Personal Taxation Rates of Income-tax General Income Level upto Rs. 1.1 lakh - Between Rs. 1.1 lakh & Rs. 1.5 lakhs 10 Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20 In excess of Rs. 2.5 lakhs 30 Women below 65 years Income Level upto Rs. 1.45 lakh - Between Rs. 1.45 lakhs & Rs. 1.5 lakhs 10 Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20 In excess of Rs. 2.5 lakhs 30 Persons over 65 years Income Level upto Rs. 1.95 lakh - Between Rs. 1.95 lakhs & Rs. 2.5 lakhs 20 In excess of Rs. 2.5 lakhs 30 Surcharge (%) General 10 Income upto Rs. 10 lakhs - Education Cess (%) 3 Computation of Income Heads of Income Amt. (Rs.) Amt. (Rs.) Amt. (Rs.) Salaries Gross Salary 200,000 Less: Standard Deduction 14,200 185,800 Income from House Property Annual Value Less: 30% of Annual Value - - - Income from Other Sources Gross Total Income 185,800 Less: Deductions under Chapter VI-A under Section 80C/80CCC/80CCD* Eligible Investments 35,000 Deduction 35,000 under Section 80D Eligible Sums General Senior Citizens Deduction - under Section 80G Eligible Donations Deduction - 35,000 Total Income 150,800 say 150,800 General Tax on Total Income 4,160 Surcharge - Education Cess 125 4,285 Effective Tax Rate 2.14 Women below 65 years Tax on Total Income 660 Surcharge - Education Cess 20 680 Effective Tax Rate 0.34 Persons over 65 years Tax on Total Income - Surcharge - Education Cess - - Effective Tax Rate - Key Highlights 1. Threshold limit of exemption in the case of all assessees to be increased by Rs.10,000. Exemption limits stand revised as under: General Rs.1.1 lakhs Women below 65 years Rs.1.45 lakhs Persons over 65 years Rs.1.95 lakhs Rate of tax (%) Rate of tax (%) Rate of tax (%) Interest on Housing Loan (not to exceed Rs. 1.5 lakhs) 2. Deduction in respect of medical insurance premium increased to a maximum of Rs.15,000 and in case of a senior citizen to Rs.20,000
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8/14/2019 Tax calculato 07
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