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.
13+
Nice example
5% is remain same??
YES, upto 500000 rate of tax is 5%
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