BUDGET 2020 - IMPACT ON SALARIED EMPLOYEES Salary Upto 7.5 lacs PA (calculated @ 7.5 lacs) Old New Gross Salary (Assumed addition of major salary heads, deduction of interest on loans and standard deductions) Total Income (Deductions under 80C, 80D and through NPS Contribution) Total Income
Upto 2.5 lacs Tax 2.5 - 5 lacs Tax 5 - 7.5 lacs Tax 7.5 - 10 lacs Tax 10 - 12.5 lacs Tax 12.5 - 15 lacs Tax 15 - 20 lacs 87A Rebate FINAL TAX EXCESS TAX NOTE
Salary Upto 10 lacs PA (calculated @ 10 lacs) Old New
Salary To 11.75 lacs PA Salary Upto 15 lacs PA (calculated @ 11.75 lacs) (calculated @ 15 lacs) Old New Old New
Salary Upto 20 lacs PA (calculated @ 20 lacs) Old New
7,50,000
7,50,000
10,00,000
10,00,000
11,75,000
11,75,000
15,00,000
15,00,000
20,00,000
20,00,000
2,52,400
-
2,52,400
-
2,52,400
-
2,52,400
-
2,52,400
-
4,97,600
7,50,000
7,47,600
10,00,000
9,22,600
11,75,000
12,47,600
15,00,000
17,47,600
20,00,000
2,50,000
50,000
2,50,000
50,000
2,50,000
50,000
2,50,000
50,000
2,50,000
50,000
2,47,600
7,00,000
4,97,600
9,50,000
6,72,600
11,25,000
9,97,600
14,50,000
14,97,600
19,50,00
NEW
TAX IMPACT Old
Old
NEW
Old
NEW
NEW
Old
NEW
Old
-
-
-
-
-
-
-
-
-
-
-
@5%= 12,500
@5% = 12,500
@5%= 12,500
@5% = 12,500
@5%= 12,500
@5% = 12,500
@5%=12,500
@5% = 12,500
@5%=12,500
-
@10%= 20,000
-
@10%= 25,000
@20%= 34,520
@10%= 25,000
@20%= 50,000
@10%=25,000
@20%= 50,000
@10%=25,000
-
-
-
@15%= 30,000
-
@15%= 37,500
@20%= 49,520
@15%=37,500
@20%=50,000
@15%=37,500
-
-
-
-
-
@20%= 25,000
-
@20%=75,000
@30=75,000
@20%=75,000
-
-
-
-
-
-
-
@25%=50,000
@30=74,280
@25%=50,000
-
-
-
-
-
-
-
-
-
@25%=62,500
-
-
12,500
-
-
-
-
-
-
@30%=1,35,000
-
32,000 32,000
-
67,500 67,500
47,020
1,00,000 52,980
1,12,020
2,00,000 87,980
2,81,780
3,22,500 60,720
Option 1: New beneficial rates may be availed, following LOSS OF ALL EXEMPTIONS AND DEDUCTIONS Option 2: Adopt new proposal - old tax rates may be followed with claim of all eligible deductions and exemptions