Exclusive: Budget 2014 – Jaitley Ji’s ten rupees lollypop for middle class

(Divye Joshi in http://idharudhar24x7.blogspot.in/) Union Budget 2014 presented by Finance Minister Arun Jaitley, appears to be a big relief for middle class. But in reality, it is not more than a lollypop of Rs. 10. The calculation of tax on different incomes in below table is explaining how middle class people will able to save Rs.10/day after the change in tax slab.

S.No.	Taxable Income	Tax as per old slab	Tax as per new slab	Annual saving	Monthly saving	Saving/Day
1	1,200,000.00	190,000.00	1,850,000.00	5,000.00	416.67	13.89
2	960,000.00	122,000.00	117,000.00	5,000.00	416.67	13.8888889
3	480,000.00	28,000.00	23,000.00	5,000.00	416.67	13.89
		Less: Rebate of 2000 u/s 87 A	Less: Rebate of 2000 u/s 87 A
		26,000.00	21,000.00
4	255,000.00	5,500.00	500.00	3,500.00	291.67	9.72
		Less: Rebate of 2000 u/s 87 A	Less: Rebate of 2000 u/s 87 A
		3,500.00	Nil