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Budget 2019: What happens to your taxes

​Pick the case study nearest to your annual salary to determine the Budget impact on your savings and taxes.

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Updated: Jul 06, 2019, 12.37 PM IST
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If your income is not more than Rs 10 lakh, you have gained the most from the budget.
Depending on which income range you fall in, here are some examples to make you understand better what the change in your taxes will look like now.

Pick the case study nearest to your annual salary to determine the Budget impact.

Biggest loser- Annual salary: Rs 6 crore
For example: Owner of co-working space
in411
With its mix of stylish design and free-flowing coffee, his is one of the coolest co-working spaces in town. But now with the FM dropping a surcharge bomb and millennials dropping their manners, he’s all hot and bothered.

Tax-
Pre-budget: Rs 2,11,78,170
Now: Rs 2,52,29,646
Losses: Rs 40,51,476
More tax: 19.13%

Assumptions:
  • Purchased an apartment
  • Deduction on home loan interest is 2,00,000
  • Investments under 80C is 1,50,000
  • Interest income 50,000
  • Age of the owner greater than 60 years

Annual salary: Rs 2.5 crore
For example: Web series writer
in412
The episodes are tight, the tension real and the climax is humming along like her new electric car. It’s pretty much the only break the FM has given her. She’s hoping the animation giants take up the FDI invite though, she has a killer script for ‘Beauty and the GST’.

Tax-
Pre-budget: Rs 86,34,522
Now: Rs 93,26,850
Losses: Rs 6,92,328
More tax: 8.02%

Assumptions:
  • Purchased an apartment
  • Deduction on home loan interest is 2,00,000
  • Investments under 80C is 1,50,000
  • Interest income 50,000
  • Interest deduction on purchase of electric vehicle of 1,50,000

Annual salary: Rs 20 lakh
For example: Space scientist
in413
Her stars are shining ultra bright these days, what with the work scene revving to the moon and the 2BHK buy just in time to tap into the lunar leap in housing loan deduction. Those marble floors and fancy faucets she’s picked will cost more but that’s not rocking her rover yet.

Tax-
Pre-budget: Rs 3,35,400
Now: Rs 3,35,400
Savings: Nil
Change in tax: Zero

Assumptions:
  • Purchased an apartment valued up to 45 lakh
  • Investments under 80C is 1,50,000
  • Interest deduction on housing loan claimed of 1,50,000
  • Interest income of 60,000

Annual salary: Rs 10 lakh
For example: Forest range officer
in414
He’s laughing all the way to the machan: for even with his peanut pay packet, he can now afford to buy a home and maybe even an EV for missus. The flat he’s been eyeing will save 3.5 lakh a year. Who knows, with this luck, he might count 10 more tigers this year!

Tax-
Pre-budget: Rs 44,200
Now: Rs 44,200
Savings: Nil
Change in tax: Zero

Assumptions:
  • Purchased an apartment valued up to 45 lakh
  • Investments under 80C is 1,50,000
  • Interest deduction on housing loan claimed of 1,50,000
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