Budget 2018: Tax Benefits from Section – 80TTB ( Interest ), 80D Insurance (Senior Citizens), 80DDB, Medical Exps and Standard deduction in case of salary
|
Particulars
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F.Y.2017-18
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F.Y.2018-19
|
|
Salary/Pension
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8,00,000
|
8,00,000
|
|
Less: Transport Allowance
|
19,200
*(Remove)
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N.A.
|
|
Less: Standard Deduction
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N.A.
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40,000*NEW
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Gross Income
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7,80,800
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7,60,000
|
|
80C (PPF, etc.)
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1,50,000
|
1,50,000
|
|
80D ( Mediclaim)
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30,000
|
50,000 NEW
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|
80DDB ( Medical Exps)
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60,000
|
1,00,000 NEW
|
|
80 TTA / 80TTB (Interest)
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10,000
|
50,000 NEW
|
|
Net Income
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5,30,800
|
4,10,000
|
|
Tax on Above Income
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18,660
|
8,000
|
|
EC and HEC on income-Tax(3%)
|
560
|
NA
|
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Health and Education Cess(4%)
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NA
|
320
|
|
Total Tax
|
19,220
|
8,320
|
· Standard deduction is available and Transport Allowances are removed.
+13
Nice example
5% is remain same??
YES, upto 500000 rate of tax is 5%
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