Representational image: Fifty rupee note and coinsIB Times India

The Union Budget is out, tax caps have been announced; and now it is time for you to sit down and calculate how much you need to pay as tax from your annual income.

Here are some calculations to figure out:

Income Amount
Supposed Income ₹6,00,000 per annum
Income tax exemption after the new budget (for those under 60 years of age) ₹2,50,000
How much is left as taxable income ₹ 3,50,000
If you have made investments in savings instruments such as National Savings Certificate or other investment schemes under Section 80C, you are eligible for tax exemption of up to ₹1,50,000
How much is left as taxable income ₹ 2,00,000
If you have taken a house loan, your tax exemption limit on the loan interest has been raised to ₹2,00,000
Suppose you avail ₹1,50,000 out of this, then you are left with a taxable income of ₹ 50,000
In addition, if you avail other reimbursements for medical and travel allowances - ₹15,000 (for medical) + ₹9,600 (under travel allowance)
How much is left as taxable income ₹ 25,400