How Much Does It Hurt ?

Outlook News Desk

Updated on: 7 February 2024 7:13 pm

Updated on: 7 February 2024 7:13 pm

Published at: 13 April 2002 12:00 am

How Much Does It Hurt ?

How Much Does It Hurt ?

( Two examples )

Gross annual salary

2,40,000

6,00,000

Less: Standard

25,000

-

Total taxable income

2,15,000

6,00,000Tax

38,500

1,54,000

Maximum Section 88 rebate (2001-02)

16,000

16,000Total tax, 2001-02 (incl. 2% surcharge)

22,950

1,40,760Maximum Section 88 rebate (2002-03)

8,000

-Total tax , 2002-03 (incl. 5% surcharge)

32,025

1,61,700Extra tax you will pay in 2002-03

9,075

20,940Figures in Rs

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