| |
|
|
|
GROSS SALARY: 1,44,000 p.a. |
|
|
Existing tax rate
|
Limit
|
Deduction
|
New tax rate
|
Deduction
|
| PERQUISITES |
| Medical reimbursement |
Tax Free |
12,000 |
12,000 |
Tax Free |
12,000 |
| Watchman/gardener/
servant allowance |
Rs 120 per month
taxed |
24,000 |
22,560 |
Such allowances
to become fully taxable |
Nil |
| Electricity
allowance |
No tax, 6.25%
added on salary for tax purposes |
24,000 |
15,000 |
Electricity/gas/
water charge allowance to be taxed |
Nil |
| Interest subsidy
on loan |
Tax Free |
12,000 |
12,000 |
Interest subsidy
on loan to be taxed |
Nil |
| Rent-free accommodation |
Tax free, except
10% of salary added as income |
48,000 |
33,600 |
20% may be added
to basic against 10% |
19,200 |
| Company car |
Tax free, except
Rs 600 per month added to salary for any car under 1,800 cc |
48,000 (1/5th
of the purchase cost of the car) |
40,800 |
Tax amount of
Rs 600 per month may be trebled |
26,400 |
| Driver's salary |
Tax free in excess
of Rs 300 p.m. |
36,000 |
32,400 |
Taxable amount
may be doubled |
28,800 |
| PROFIT IN LIEU OF SALARY |
| Signing amount |
Tax Free |
50,000 |
50,000 |
Fully taxable
|
Nil |
| GROSS SALARY |
3,98,000 |
2,18,360 |
|
86,400 |
|
PRE-APRIL 2001
Total Taxable Income: 179,640
Standard Deduction: 20,000
Actual Taxable Income: 1,59,640
NET TAX PAYABLE: 21,892
|
|
POST-APRIL 2001
Total Taxable Income: 3,11,600
Standard Deduction: 20,000
Actual Taxable Income: 2,91,600
NET TAX PAYABLE: 61,480
|
|
All figures in rupees
|
|
| |
|
|
