Budget 2018: Tax Benefits from Section – 80TTB ( Interest ), 80D  Insurance (Senior Citizens),  80DDB,  Medical Exps  and Standard deduction in case of salary

 

Particulars
F.Y.2017-18
F.Y.2018-19
Salary/Pension
8,00,000
8,00,000
Less: Transport Allowance
  19,200
*(Remove)
   N.A.
Less: Standard Deduction
  N.A.
   40,000*NEW
Gross Income
7,80,800
7,60,000
80C (PPF, etc.)
1,50,000
1,50,000
80D ( Mediclaim)
   30,000
   50,000  NEW
80DDB ( Medical Exps)
   60,000
1,00,000  NEW
80 TTA / 80TTB (Interest)
   10,000
   50,000 NEW
Net Income
5,30,800
4,10,000
Tax on Above Income
  18,660
    8,000
EC and HEC on income-Tax(3%)
       560
     NA
Health and Education Cess(4%)
     NA
       320
Total Tax
  19,220
    8,320
·     Standard deduction is available and Transport Allowances are removed.
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