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Budget 2017 - Gain and Loss for every Income Tax Slab

Budget 2017 presented recently had some benefits by way reduction in taxes in the first slab from 10% to 5%. In this post we bring to you the exact quantum of tax benefit you will get based on where you fall in the tax slab from  3lacs to 150Lacs. Please find below the table which lists out the benefit to you. The assumption in this calculation is that you are below 60 Years of age and you have fully used the tax deduction under section 80c. Below figures also take into account the additional surcharge amount of 10%. In case you are also claiming additional deduction under NPS, please reduce your taxable amount appropriately to arrive at the right figure.

Gross Total Income in Lakhs
Tax you have to pay in FY 2016-2017
Tax you have to pay in FY 2017-2018
Gain/Loss
3
-
-
-
5
5150
2575
2575
10
97850
84975
12875
15
236900
224025
12875
20
391400
378525
12875
25
545900
533025
12875
30
700400
687525
12875
35
854900
842025
12875
40
1009400
996525
12875
45
1163900
1151025
12875
50
1318400
1305525
12875
55
1472900
1606028
-133128
60
1627400
1775978
-148578
65
1781900
1945928
-164028
70
1936400
2115878
-179478
75
2090900
2285828
-194928
80
2245400
2455778
-210378
85
2399900
2625728
-225828
90
2554400
2795678
-241278
95
2708900
2965628
-256728
100
2863400
3135578
-272178
105
3270250
3455779
-185529
110
3648260
3633454
14806
115
3825935
3811129
14806
120
4003610
3988804
14806
125
4181285
4166479
14806
130
4358960
4344154
14806
135
4536635
4521829
14806
140
4714310
4699504
14806
145
4891985
4877179
14806
150
5069660
5054854
14806

Top 3 benefits related to Housing and Traders declared in the Budget -2017 are as follows:

1. Changes in Capital Gain taxation for immovable properties:
(a) Holding period reduced for computation of long term capital gain from 3 years to 2 years
(b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.

2. Promoting Digital Economy:
(a). In the presumptive income tax for small traders, income to be taken as 6% of turnover which is received by digital or banking means. This will save tax up to 46% for traders of income up to 2Cr. 
(b). Cash expenditure allowable to be reduced to Rs.10,000 from the existing Rs.20,000.
(c). Cash transaction of above Rs.3 lakh not to be permitted. The penalty of equal amount to be levied in case of breach.

3. Three concessions in the scheme of Income Tax exemption for affordable housing:
(a) Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area;
(b) 30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country;
(c)  Completion period extended from 3 years to 5 years.