Impact of budget on your salary

RS 3 LAKH SALARY RS 5 LAKH SALARY RS 10 LAKH SALARY RS 15 LAKH SALARY RS 20 LAKH SALARY
Income Category Existing Proposed Existing Proposed Existing Proposed Existing Proposed Existing Proposed
Basic Salary 144,000 144,000 264,000 264,000 540,000 540,000 816,000 816,000 1,080,000 1,080,000
House Rent Allowance (Note 1) 72,000 72,000 132,000 132,000 270,000 270,000 408,000 408,000 540,000 540,000
Medical Allowance 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Special Allowance 34,920 34,920 34,520 34,520 73,600 73,600 112,680 112,680 171,800 171,800
Conveyance 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600
Employer's Contribution to PF 17,280 17,280 31,680 31,680 64,800 64,800 97,920 97,920 129,600 129,600
Employer's Contribution to NPS 7,200 7,200 13,200 13,200 27,000 27,000 40,800 40,800 54,000 54,000
Total Salary Income 300,000 300,000 500,000 500,000 1,000,000 1,000,000 1,500,000 1,500,000 2,000,000 2,000,000
Interest Income 5,000 5,000 10,000 10,000 20,000 20,000 25,000 25,000 30,000 30,000
Total Income 305,000 305,000 510,000 510,000 1,020,000 1,020,000 1,525,000 1,525,000 2,030,000 2,030,000
Less: Exempt Income
Employer's Contribution to PF 17,280 17,280 31,680 31,680 64,800 64,800 97,920 97,920 129,600 129,600
HRA 57,600 57,600 105,600 105,600 - - - - - -
Medical Allowance 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Conveyance 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600
Total Allowance exepmt 99,480 99,480 161,880 161,880 89,400 89,400 122,520 122,520 154,200 154,200
Balance 205,520 205,520 348,120 348,120 930,600 930,600 1,402,480 1,402,480 1,875,800 1,875,800
Deductions
Tax on Employment 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Section 80C Deductions 50,000 50,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Employer's contribution to NPS (Note 3) - 7,200 - 13,200 - 27,000 - 40,800 - 54,000
Section 80D Medical Premium (Note 2) 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000
Section 80 CCF Infra Bonds 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000
Interest paid on home loans - - - - 150,000 150,000 150,000 150,000 150,000 150,000
Total Deductions 87,500 94,700 137,500 150,700 287,500 314,500 287,500 328,300 287,500 341,500
Net Taxable Income 118,020 110,820 210,620 197,420 643,100 616,100 1,114,980 1,074,180 1,588,300 1,534,300
Tax on Total Income
For Males NIL NIL 5,214 1,794 64,499 56,877 194,149 179,482 340,405 321,659
For Females NIL NIL 2,124 764 61,409 55,847 191,059 178,452 337,315 320,629

Notes:
1. HRA deduction is minimum of the following a) Actual HRA Received b) Rent paid in excess of 10% of Basic Salary and Dearness Allowance (DA) or
c) 50% of Basic Salary + DA if the rented house is situated in Mumbai, Delhi, Chennai, Kolkata or 40% of Salary + DA in any other cases. In the above calculations,
actual rent paid is assumed to be same as the amount of HRA received.
2. Additional Rs. 15,000 is allowed as deductions in case medical premium is paid for parents (increased to Rs. 20,000 in case parents are senior
citizens).
3. Employers' contribution in New Pension Scheme (NPS) upto 10% of salary is exempted from tax. In the above example it is assumed that employer makes 5% contribution.