How much money will you save post Budget? Here's the math

The interim budget has proposed to give full rebate to those earning up to Rs 5 lakh a year. This will send an estimated 3 crore taxpayers out of the tax net. At present, those earning up to Rs 3.5 lakh a year are eligible for a tax rebate of Rs 2,500 under Section 87A. The budget has proposed to increase rebate Rs 12,500.Here is a look at how much tax people in various income groups will save due to the Budget proposals. How much tax will you save? Income between Rs 2.5 lakh and Rs 5 lakh Particulars Pre-budget Post-budget Income from salary 3,60,000 3,60,000 Less: Standard deduction -40,000 -50,000 Taxable salary 3,20,000 3,10,000 Tax on above 1,040 0 Less: Rebate u/s 87A 1,040 0 Final tax payable (including cess) 0 0 Tax Saved 1,040 Income between Rs 5 lakh and Rs 6 lakh Particulars Pre-budget Post-budget Income from salary 5,50,000 5,50,000 Less: Standard deduction -40,000 -50,000 Taxable salary 5,10,000 5,00,000 Tax on above (including cess) 15,080 0 Tax Saved 15,080 Income between Rs 6 lakh and Rs 10 lakh Particulars Pre-budget Post-budget Income from salary 8,50,000 8,10,000 Less: Standard deduction 40,000 50,000 Taxable salary 8,10,000 8,00,000 Tax on above (including cess) 77,480 75,400 Tax Saved 2,080 Income above Rs 10 lakh Particulars Pre-budget Post-budget Income from salary 10,50,000 10,50,000 Less: Standard deduction 40,000 50,000 Taxable salary 10,10,000 10,00,000 Tax on above (including cess) 1,20,120 1,17,000 Tax Saved 3,120 For income above Rs 50 lakh 3,422 For income above Rs 1 crore 3,588 All figures in Rs Calculations by: Cleartax.com

from Economic Times http://bit.ly/2GgmmtX