5.
Personal Income-tax Scenario
Individual
Total Income
475,000
825,000
1,000,000
1,200,000
1,500,000
5,650,000
11,150,000
21,150,000
#
51,150,000
#
Tax in FY 2020-21
(Option A)*
NIL***
49,400
85,800
132,600
226,200
1,673,100
3,722,550
7,946,250
21,532,290
Tax in FY 2020-21
(Option B) **
NIL***
50,700
78,000
119,600
195,000
1,638,780
3,686,670
7,907,250
21,489,546
Additional Tax burden/
(Savings) in Option B
-
1,300
(7,800)
(13,000)
(31,200)
(34,320)
(35,880)
(39,000)
(42,744)
Additional Tax burden/
(Savings) (%) in Option B
-
2.63%
(9.09%)
(9.80%)
(13.79%)
(2.05%)
(0.96%)
(0.49%)
(0.20%)
Resident senior citizen
(age of 60 years but below
80 years)
Total Income
475,000
825,000
1,000,000
1,200,000
1,500,000
5,650,000
11,150,000
21,150,000
#
51,150,000
#
Tax in FY 2020-21
(Option A) *
NIL***
46,800
83,200
130,000
223,600
1,670,240
3,719,560
7,943,000
21,528,728
Tax in FY 2020-21
(Option B) **
NIL***
50,700
78,000
119,600
195,000
1,638,780
3,686,670
7,907,250
21,489,546
Additional Tax burden/
(Savings) in Option B
-
3,900
(5,200)
(10,400)
(28,600)
(31,460)
(32,890)
(35,750)
(39,182)
Additional Tax burden/
(Savings) (%) in Option B
-
8.33%
(6.25%)
(8.00%)
(12.79%)
(1.88%)
(0.88%)
(0.45%)
(0.18%)
Resident senior citizen
(age 80 years and above)
Total Income
475,000
825,000
1,000,000
1,200,000
1,500,000
5,650,000
11,150,000
21,150,000
#
51,150,000
#
Tax in FY 2020-21 (Option
A) *
NIL***
36,400
72,800
119,600
213,200
1,658,800
3,707,600
7,930,000
21,514,480
Tax in FY 2020-21 (Option
B) **
NIL***
50,700
78,000
119,600
195,000
1,638,780
3,686,670
7,907,250
21,489,546
Additional
Tax
burden/
(Savings) in Option B
-
14,300
5,200
-
(18,200)
(20,020)
(20,930)
(22,750)
(24,934)
Additional
Tax
burden/
(Savings) (%) in Option B
-
39.29%
7.14%
-
(8.54%)
(1.21%)
(0.56%)
(0.29%)
(0.12%)
*
For purpose of tax calculation under Option A, adhoc deduction of INR 150,000 has been claimed. The ad hoc deduction is only illustrative in nature. Basis
actual deduction, the tax amount will vary.
** For purpose of tax calculation under Option B, no exemption/ deductions have been claimed.
*** NIL tax on account of rebate under section 87A.
#
If the said taxable income includes income by way of dividend or capital gains under section 111A and section 112A of the Act, then enhanced surcharge of
37% and 25% would not be applicable and accordingly effective tax rate would be lower.
Disclaimer :
The information set out above is included for general information purposes only and does not constitute legal or tax advice. In view of the individual nature of
the tax consequences, each investor is advised to consult his or her own tax consultant with respect to specific tax implications arising out of their participation in the .
Scheme Income Tax benefits to the mutual fund & to the unit holder is in accordance with the prevailing tax laws as certified by the mutual funds tax consultant. Any
action taken by you on the basis of the information contained herein is your responsibility alone. Tata Mutual Fund will not be liable in any manner for the consequences
of such action taken by you. The information contained herein is not intended as an offer or solicitation for the purchase and sales of any schemes of Tata Mutual Fund.