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This is the tax you will pay now

Last updated on: July 10, 2004 22:40 IST
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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

50,000 20,000 30,000 0 0 0
60,000 24,000 36,000 0 0 0
1,00,000 30,000 70,000 3,000 0 -3,000
1,50,000 30,000 1,20,000 13,000 13,260 +260
2,00,000 30,000 1,70,000 25,000 25,500 +500
5,00,000 30,000 4,70,000 1,15,000 1,17,300 +2,300
8,50,000 20,000 8,30,000 2,20,000 2,24,400 +4,400
10,00,000 20,000 9,80,000 2,91,500 2,96,800 +5,300
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