Current | Proposed | Current | Proposed | Current | Proposed | |
Cost to company | 400,000 | 400,000 | 800,000 | 800,000 | 1,200,000 | 1,200,000 |
Non-taxable cash perks | 50,000 | - | 50,000 | - | 50,000 | - |
Taxable salary | 350,000 | 400,000 | 750,000 | 800,000 | 1,150,000 | 1,200,000 |
Gross salary | 350,000 | 400,000 | 750,000 | 800,000 | 1,150,000 | 1,200,000 |
less Standard deduction | 30,000 | - | 20,000 | - | 20,000 | - |
Gross total income | 320,000 | 400,000 | 730,000 | 800,000 | 1,130,000 | 1,200,000 |
Less Deductions | - | - | - | - | - | - |
u/s 80C | - | 100,000 | - | 100,000 | - | 100,000 |
u/s 80CCC | 10,000 | - | 10,000 | 10,000 | - | |
Taxable income | 310,000 | 300,000 | 720,000 | 700,000 | 1,120,000 | 1,100,000 |
Tax liability | 67,000 | 40,000 | 190,000 | 160,000 | 310,000 | 280,000 |
Less Rebate u/s 88 | 15,000 | - | - | - | - | - |
Net tax liability | 52,000 | 40,000 | 190,000 | 160,000 | 160,000 | 130,000 |
Plus Surcharge | - | - | - | - | 112,000 | 100,000 |
Plus Education cess | 1,040 | 800 | 3,800 | 3,200 | 8,440 | 7,600 |
Total tax liability | 53,040 | 40,800 | 193,800 | 163,200 | 280,440 | 237,600 |
Tax saving | 12,240 | |||||