What is Your Tax Savings for Your Age Post Budget?

Bangalore: The most awaited budget has brought out big changes this year, but very few for the salaried professionals in terms of personal tax structure. Some of these changes are minor but quite significant. All of us were expecting the tax limit to go up, but the budget didn’t accede to this wish, instead raised the basic exemption limit to Rs.2 lakh. The Tax deduction under Section 80CCF was presented in the previous budget and what is offered in this budget is only the scrapped and revised portion. Let’s have a look at how much tax will you save post budget, reported by ET Bureau.

If you are a Male below 60 with an

- Annual income of Rs.6 lakh, then you will have to pay a tax of Rs.27,295 post budget which was Rs.29,355 till date under section 80C, 80CCF and 80D, which is a positive decline of 7 percent.

- Annual income of Rs.9 lakh, then you will have to pay a tax of Rs.85,490 which was Rs.87,550 till the budget.

- Annual income of Rs.12 lakh, then after the budget your tax came down to Rs.1,53,985 from Rs.1,76,645, which is a decline of straight away of 12.8 percent.

- Annual income of Rs.20 lakh, then your payable tax amount is Rs.4,01,185 which was Rs.4,23,845 till budget.

This means the high tax payers are clearly more benefitted with the revised tax exemption, not the middle and low earners. However, even in the best circumstances, the tax saved is less than 2 percent of the taxpayer's annual income.