In the following FY 2019-20, an assessment refund has been given to just the individuals who fall in the Rs. 5 lakh salary section
• Together with the expansion in the standard finding, the absolute assessment sparing comes up to Rs. 13,520 for somebody in the Rs. 5 lakh section
Download Automatic Income Tax Calculator for the Financial Year 2019-20 and Ass Year 20120-21 as per Budget 2019
NEW DELHI: Then spending plan, account serves Piyush Goyal has not changed the pay charge sections for the money related year 2019-20 yet has given alleviation to white-collar class salaried citizens by discounts and expanding the standard conclusion edge.
Provision 8 of the Finance Bill presented in parliament on Friday tries to change segment 87A of the Income Tax Act to give help to singular citizens by permitting a discount on a yearly salary of up to ₹5 lakh.
For salaried people, standard reasoning has been raised from the current ₹40,000 to ₹50,000. This will give an extra tax reduction of ₹4,700 crore to in excess of 3 crore compensation workers and retired people.
In the progressing 2018-19, salary up to ₹2.5 lakh isn't assessable for people beneath the age of 60. Those over 60 years yet under 80 years appreciate a tax-exempt pay of up to ₹3 lakh while for those over 80 the tax-exempt salary goes up to ₹5 lakh.
As per the present pieces, in the event that all out salary is more than₹2.5 lakh however up to ₹5 lakh, at that point the complete expense outgo is 5% of the sum by which the all-out pay surpasses ₹2.5 lakh. For money between ₹5 lakh and ₹10 lakh, the assessment outgo is 20% of the sum by which the all-out salary surpasses ₹5 lakh plus₹12,500.
In the 2019-20, a refund has been given to just the individuals who fall in the ₹5 lakh piece. Together with the expansion in the standard derivation, the all out assessment sparing is ₹13,520.Income tax rates for individuals below 60 years:
Net Income after 80C deduction
|
Tax
|
Benefit
|
|||
AY 2019-20
|
AY 2020-21
|
AY 2019-20
|
AY 2020-21
|
||
Net Income
|
Increase in Standard Deduction
|
Net Income
|
|||
5,10,000
|
10,000
|
5,00,000
|
13,520
|
-
|
13,520
|
10,60,000
|
10,000
|
10,50,000
|
1,35,720
|
1,32,600
|
3,120
|
58,10,000
|
10,000
|
58,00,000
|
17,79,492
|
17,76,060
|
3,432
|
1,08,10,000
|
10,000
|
1,08,00,000
|
36,54,378
|
36,50,790
|
3,588
|
Income tax rates for senior citizens:
Resident Individual who is a senior citizen
Pre -Budget
Net Taxable Income (after deductions)
|
300,000
|
350,000
|
400,000
|
500,000
|
1,000,000
|
Tax
|
-
|
2,500
|
5,000
|
10,000
|
110,000
|
Rebate
|
-
|
2,500
|
-
|
-
|
-
|
Balance Tax
|
-
|
-
|
5,000
|
10,000
|
110,000
|
Cess
|
-
|
-
|
200
|
400
|
4,400
|
Total
|
-
|
-
|
5,200
|
10,400
|
114,000
|
Post -Budget
Net Taxable Income (after deductions)
|
300,000
|
350,000
|
400,000
|
500,000
|
1,000,000
|
Tax
|
-
|
2,500
|
5,000
|
10,000
|
110,000
|
Rebate
|
-
|
2,500
|
5,000
|
10,000
|
-
|
Balance Tax
|
-
|
-
|
-
|
-
|
110,000
|
Cess
|
-
|
-
|
-
|
-
|
4,400
|
Total
|
-
|
-
|
-
|
-
|
114,000
|
Saving
|
-
|
-
|
5,200
|
10,400
|
-
|
Download Automated Income Tax Form 16 Part B for Financial Year 2018-19 and Ass Year 2019-20 [ This Excel Utility can prepare at a time 100 employees Form 16 Part B for F.Y. 2018-19]
