Stating 2020 budget highlights brought to you by KMCPL.

1. BUDGET 2020 - IMPACT ON SALARIED EMPLOYEES
Salary Upto 7.5 lacs PA Salary Upto 10 lacs PA Salary To 11.75 lacs PA Salary Upto 15 lacs PA Salary Upto 20 lacs PA
(calculated @ 7.5 lacs) (calculated @ 10 lacs) (calculated @ 11.75 lacs) (calculated @ 15 lacs) (calculated @ 20 lacs)
Old New Old New Old New Old New Old New
Gross Salary 7,50,000 7,50,000 10,00,000 10,00,000 11,75,000 11,75,000 15,00,000 15,00,000 20,00,000 20,00,000
(Assumed
addition of major
salary heads,
deduction of
interest on loans
and standard
deductions)
2,52,400 - 2,52,400 - 2,52,400 - 2,52,400 - 2,52,400 -
Total Income 4,97,600 7,50,000 7,47,600 10,00,000 9,22,600 11,75,000 12,47,600 15,00,000 17,47,600 20,00,000
(Deductions under
80C, 80D and
through NPS
Contribution)
2,50,000 50,000 2,50,000 50,000 2,50,000 50,000 2,50,000 50,000 2,50,000 50,000
Total Income 2,47,600 7,00,000 4,97,600 9,50,000 6,72,600 11,25,000 9,97,600 14,50,000 14,97,600 19,50,00
TAX IMPACT
Old NEW Old NEW Old NEW Old NEW Old NEW
Upto 2.5 lacs - - - - - - - - - -
Tax 2.5 - 5 lacs - @5%= 12,500 @5% = 12,500 @5%= 12,500 @5% = 12,500 @5%= 12,500 @5% = 12,500 @5%=12,500 @5% = 12,500 @5%=12,500
Tax 5 - 7.5 lacs - @10%= 20,000 - @10%= 25,000 @20%= 34,520 @10%= 25,000 @20%= 50,000 @10%=25,000 @20%= 50,000 @10%=25,000
Tax 7.5 - 10 lacs - - - @15%= 30,000 - @15%= 37,500 @20%= 49,520 @15%=37,500 @20%=50,000 @15%=37,500
Tax 10 - 12.5 lacs - - - - - @20%= 25,000 - @20%=75,000 @30=75,000 @20%=75,000
Tax 12.5 - 15 lacs - - - - - - - @25%=50,000 @30=74,280 @25%=50,000
Tax 15 - 20 lacs - - - - - - - - - @25%=62,500
87A Rebate - - 12,500 - - - - - - @30%=1,35,000
FINAL TAX - 32,000 - 67,500 47,020 1,00,000 1,12,020 2,00,000 2,81,780 3,22,500
EXCESS TAX 32,000 67,500 52,980 87,980 60,720
NOTE
Option 1: New beneficial rates may be availed, following LOSS OF ALL EXEMPTIONS AND DEDUCTIONS
Option 2: Adopt new proposal - old tax rates may be followed with claim of all eligible deductions and exemptions