Financial plan 2019 has rolled out certain improvements to Income charge for an individual – the feature being full expense discount for people procuring underneath Rs 5 Lakhs. There have been no adjustments in the salary charge piece. We feature the progressions and give you the new expense mini-computer for F.Y 2019-20 and A.Y. 202-2021
Changes in Income Tax Rules:
1 Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of salary charge (whichever is lower) for people with pay beneath Rs 5 Lakhs (From Rs 3.5 Lakhs)
2 Standard Deduction raised for Salaried and Pensioners from Rs 40,000 to Rs 50,000
3 In the instance of 2 house, charge on notional lease not material on the second house and can be appeared self-involved
4 TDS edge for bank/post office/co-usable society stores – raised to Rs. 40,000 every year from 10,000 every year.
