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This is the tax you will pay now

July 10, 2004

The government on Thursday raised the income tax exemption limit to Rs 100,000 while imposing a 2 per cent education cess on taxable income. A person having taxable income exceeding Rs 1 lakh will now be required to pay in additional to income tax (after rebate), an education cess at the rate of 2 per cent.

Check out how much tax will you need to pay now (all figures in the table are in rupees):

Gross income

Std deduction

Taxable income

Tax earlier

Tax now



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Number of User Comments: 55

Sub: Looting the salaried class by any means

This is the worst budget what we are waiting for . The tax buden again goes on to the salaried class. and there is stupid ...

Posted by subrato

Sub: Rules regarding educational cess

Hi, I Just want to know that if a company"A" deducted tax at source of Company "B". can company "B" is entitled to get a ...

Posted by Manoj Sharma

Sub: Income Tax Excemption

On hearing the News that Income Tax Excemption Limit is raised to 1 Lakh, every one was delighted. But Later on while the truth came ...

Posted by Jayanta Kr Deka

Sub: No Rebate on Investement if your Salary is above 5.00 Lakh

hi, If my Take home above 5.00 Lakh then there is no Rebate for me on my Investment(e.g. PPF, LIC etc) and what if you ...

Posted by himanshu

Sub: Estimate error by the company in TDS from salary

hello, whats a company responsibility regarding employees TDS estimate from the salary? is it liable to furnish statement for tax computation to the salary? what ...

Posted by abc


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