Income tax exemption limit has been increased by Rs. 5000/-
impact = [These changes in slab will give to individuals a minimum tax relief of Rs.5150]
Investment limit u/s 80C has been increased to Rs. 150000/-
Impact = [This changes will give boost to habit of savings by the individuals and also give the minimum tax relief of Rs.5150]
Deduction limit of Interest on Housing loan has been raised from Rs. 150000/- to Rs. 200000/-
Impact = [ This will give the marginal tax relief of Rs.5150 for those are claiming interest for self occupied property.]
Lets find that how much can we tax save in F.Y. 2014-15.
IF YOUR ANNUAL INCOME IS LESS THAN OR EQUAL TO Rs. 1000000/-
THEN YOUR TAX WOULD BE ACCORDING TO THIS :-
TOTAL INCOME = 1000000.00
LESS EXPMTION = 250000.00
LESS SAVING ( LIC,PF,NSC,CHILDREN'S FEES,FD ETC) = 150000.00
LESS INTEREST ON HOUSING LOAN WHICH IS TO BE SELF OCCUPIED PROPERTY= 150000/-
LESS MEDICLAIM = 15000/-
TAXABLE INCOME IS = 435000/-
NOTE :- ACCORDING TO YOUR ACTUAL PERSONAL INVESTMENT, TAXABLE INCOME WOULD BE FLUCTUATE.
TAX 10.3% AS ON 0.00 TO 5.00 LAC = NIL
TAX 20.6% AS ON 5.01 TO 10.00 LAC = 89610/- (20.6% AT 435000/- )
TOTAL TAX = 89610/-
To know more the further details, click here Full Details of Union Budget of 2014
Have a great this financial Year :-)
Thank You!!
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