( Two examples )
| ||
Gross annual salary | 2,40,000
| 6,00,000
|
Less: Standard | 25,000
| -
|
Total taxable income | 2,15,000
| 6,00,000 |
Tax | 38,500
| 1,54,000
|
Maximum Section 88 rebate (2001-02) | 16,000
| 16,000 |
Total tax, 2001-02 (incl. 2% surcharge) | 22,950
| 1,40,760 |
Maximum Section 88 rebate (2002-03) | 8,000
| - |
Total tax , 2002-03 (incl. 5% surcharge) | 32,025
| 1,61,700 |
Extra tax you will pay in 2002-03 | 9,075
| 20,940 |
| Figures in Rs | ||