| income (Rs) | Tax Rates |
| Up to Rs1,60,000 | Nil |
| 1,60,001 to 5,00,000 | 10% |
| 5,00,001 to 8,00,000 | 20% |
| Above 8,00,000 | 30% |
| Case I: An investor with Gross income of Rs500000/-, invests Rs100000/- in ELSS. | |
| Particulars | (Rs) |
| Gross Income | 500000 |
| Less: Tax benefit u/s 80C (ELSS) | 100000 |
| | 400000 |
| Less:Income Exempt from Tax as per slabs | 160000 |
| Taxable Amount | 240000 |
| Tax Liability | |
| Tax Rate applicable @10% (10% of 240000) | 24000 |
| Education cess @3% (3% of 24000) | 720 |
| Tax payable | 24720 |
| Case II: Investor does not invest in ELSS | |
| Particulars | (Rs) |
| Gross Income | 500000 |
| Less:Income Exempt from Tax as per slabs | 160000 |
| Taxable Amount | 340000 |
| Tax Liability | |
| Tax Rate applicable @10% (10% of 340000) | 34000 |
| Education cess @3% (3% of 34000) | 1020 |
| Tax payable | 35020 |
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Regards,
P.Sudeesh Kumar
p.sudeeshkumar@gmail.com
www.sudeeshbubby.blogspot.com
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