| Salary | 240000 | 360000 | |||
| PF | At 12% | 11520 | 17280 | ||
| Medical | 15000 | 15000 | |||
| Transport | 9600 | 9600 | |||
| Tax Deductions/Savings | 100000 | 100000 | |||
| Total Deductions | 136120 | 141880 | |||
| Taxable Income | 103880 | 218120 | |||
| Exemption | 110000 | 100000 | |||
| 1.1 to 1.5 Lakhs at 10% | 40000 | 4000 | 4000 | ||
| 1.5 to 2.5 Lakhs at 20% | 53880 | 10776 | 33624 | ||
| Above 2.5 Lakhs at 30% | 0 | 0 | 0 | ||
| Cess and Or Surcharge | 3.00% | 443.28 | 1128.72 | ||
| Total Tax | 15219.28 | 6.34% | 38752.72 | 10.76% | |
| Take Home | 213260.7 | 303967.3 | |||
| Monthly | 17771.73 | 25330.61 | |||
| Retirals (PF Deposit) | 11520 | 17280 | |||
| Old Tax FY 2006-07 | 16249.28 | 6.77% | 39782.72 | 11.05% | |
| Extra Savings | 1030 | 0.43% | 1030 | 0.29% |
Wednesday, February 28, 2007
New Budget Tax Implication for Salaried
Well if you are making 2.4 lakhs as salary (forget the IT Fresher is making 3.6 Lakhs....) you will end up saving a cool amount of Rs 1030 or 0.43% (in case of IT Fresher it is 0.29%) extra from FY 2007-08 onwards! Great PC work!
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