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Home > Money > Budget 2004-05 > Graphics
This is the tax you will pay now
July 10, 2004
The government on Thursday raised the income tax exemption limit to Rs 100,000 while imposing a 2 per cent education cess on taxable income. A person having taxable income exceeding Rs 1 lakh will now be required to pay in additional to income tax (after rebate), an education cess at the rate of 2 per cent. Check out how much tax will you need to pay now (all figures in the table are in rupees): Gross income | Std deduction | Taxable income | Tax earlier | Tax now | Change | | 50,000 | 20,000 | 30,000 | 0 | 0 | 0 | | 60,000 | 24,000 | 36,000 | 0 | 0 | 0 | | 1,00,000 | 30,000 | 70,000 | 3,000 | 0 | -3,000 | | 1,50,000 | 30,000 | 1,20,000 | 13,000 | 13,260 | +260 | | 2,00,000 | 30,000 | 1,70,000 | 25,000 | 25,500 | +500 | | 5,00,000 | 30,000 | 4,70,000 | 1,15,000 | 1,17,300 | +2,300 | | 8,50,000 | 20,000 | 8,30,000 | 2,20,000 | 2,24,400 | +4,400 | | 10,00,000 | 20,000 | 9,80,000 | 2,91,500 | 2,96,800 | +5,300 |
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