The budget interim has proposed to give a full rebate for those who earn up to Rs.5lakh a year. Now, 3crore people don’t have to pay tax if this proposal got approved. People with earning of 3.5lakh a year are eligible for a tax rebate of Rs.2,500 under 87A. This budget proposes to increase that tax rebate up to Rs.12,500.
Now here we are giving a table that how 2019 budget will help you to save your tax.
Income in between Rs 2.5lakh- Rs 5lakh
|Tax on Above||1,040||0|
|Less : 87A Rebate||1,040||0|
|Finale Payable Tax (CESS includes)||0||0|
Income in between Rs 5lakh- Rs 6lakh
|Tax on Above||15,080||0|
Income in between Rs 6lakh- Rs 10lakh
|Tax on Above||77,480||75,400|
Income in above Rs 10lakh
|Tax on Above||1,20,120||1,20,120|