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Budget 2012 and Individual Taxpayers

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Budget 2012 and Individual Taxpayers Powered By Docstoc
					Impact of budget on your salary

                                                         RS 3 LAKH SALARY              RS 5 LAKH SALARY              RS 10 LAKH SALARY             RS 15 LAKH SALARY             RS 20 LAKH SALARY
                 Income Category                         Existing       Proposed        Existing      Proposed        Existing      Proposed        Existing      Proposed        Existing      Proposed
Basic Salary                                               144,000         144,000        264,000        264,000        540,000        540,000        816,000        816,000      1,080,000      1,080,000
House Rent Allowance (Note 1)                               72,000          72,000        132,000        132,000        270,000        270,000        408,000        408,000        540,000        540,000
Medical Allowance                                           15,000          15,000         15,000         15,000         15,000         15,000         15,000         15,000         15,000         15,000
Special Allowance                                           42,120          42,120         47,720         47,720         80,600         80,600        153,480        153,480        225,800        225,800
Conveyance                                                    9,600          9,600           9,600         9,600           9,600         9,600           9,600         9,600           9,600         9,600
Employer's Contribution to PF                               17,280          17,280         31,680         31,680         64,800         64,800         97,920         97,920        129,600        129,600
Total Salary Income                                        300,000         300,000        500,000        500,000        980,000        980,000      1,500,000      1,500,000      2,000,000      2,000,000
Interest Income from savings deposits                         5,000          5,000         10,000         10,000         20,000         20,000         25,000         25,000         30,000         30,000
Total Income                                               305,000         305,000        510,000        510,000      1,000,000      1,000,000      1,525,000      1,525,000      2,030,000      2,030,000
Less: Exempt Income
Employer's Contribution to PF                               17,280         17,280          31,680         31,680         64,800         64,800         97,920         97,920        129,600        129,600
HRA                                                         57,600         57,600         105,600        105,600            -              -              -              -              -              -
Medical Allowance                                           15,000         15,000          15,000         15,000         15,000         15,000         15,000         15,000         15,000         15,000
Conveyance                                                   9,600          9,600           9,600          9,600          9,600          9,600          9,600          9,600          9,600          9,600
Total Allowance exepmt                                      99,480         99,480         161,880        161,880         89,400         89,400        122,520        122,520        154,200        154,200
Balance                                                    205,520        205,520         348,120        348,120        910,600        910,600      1,402,480      1,402,480      1,875,800      1,875,800
Deductions
Tax on Employment                                            2,500          2,500           2,500          2,500          2,500          2,500          2,500          2,500          2,500          2,500
Section 80C Deductions                                      50,000         50,000         100,000        100,000        100,000        100,000        100,000        100,000        100,000        100,000
Section 80D Medical Premium (Note 2)                        15,000         15,000          15,000         15,000         15,000         15,000         15,000         15,000         15,000         15,000
Section 80 CCF Infra Bonds                                  20,000         20,000          20,000         20,000         20,000         20,000         20,000         20,000         20,000         20,000
Sec 80 TTA Interest inc. on savings dep.                       -            5,000             -           10,000            -           10,000            -           10,000            -           10,000
Deduction - Rajiv Gandhi Equity Scheme (Note 3)                -              -               -           25,000            -           25,000            -              -              -              -
Interest paid on home loans                                    -              -               -              -          150,000        150,000        150,000        150,000        150,000        150,000
Total Deductions                                            87,500         92,500         137,500        172,500        287,500        322,500        287,500        297,500        287,500        297,500
Net Taxable Income                                         118,020        113,020         210,620        175,620        623,100        588,100      1,114,980      1,104,980      1,588,300      1,578,300
Tax on Total Income
For Males                                                   NIL            NIL              3,154                        58,319                       192,089                       338,345
                                                                                                                -                       49,049                       166,339                           312,595
For Females                                                 NIL            NIL              2,124                        57,289                       191,059                       337,315

Notes:
1. HRA deduction is minimum of the following a) Actual HRA Received b) Rent paid in excess of 10% of Basic Salary and Dearness Allowance (DA) or
c) 50% of Basic Salary + DA if the rented house is situated in Mumbai, Delhi, Chennai, Kolkata or 40% of Salary + DA in any other cases. In the above calculations,
actual rent paid is assumed to be same as the amount of HRA received.
2. Additional Rs. 15,000 is allowed as deductions in case medical premium is paid for parents (increased to Rs. 20,000 in case parents are senior
citizens i.e. above 60 years age).
3. Deduction under Rajiv Gandhi Equity Scheme is available for individual having taxable income up to Rs. 10 Lakhs. Deduction is 50% of equity investment, with cap of Rs. 50,000 equity investment.

				
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Description: Impact of Budget 2012 on individual taxpayers