No changes made in Income Tax Slabs and Rates for FY 2019-20 / AY 2020-21
· Income Tax exemption limit remains Rs. 2.5 lakh for all Citizens below 60 years.
· Income Tax exemption limit remains Rs. 3 lakh for Senior Citizens (60 years or above).
· Income Tax exemption limit remains Rs. 5 lakh for Very Senior Citizens (80 years or above).
It means Income Tax Return filing is mandatory if your Total Income is above 2.5 lakh (3 lakh for senior citizens and 5 lakh for very senior citizens).
No tax is payable if Total Income up to Rs. 5 lakh for the F.Y. 2019-20
The Conditions are,
· The Taxpayer should be a Resident Individual.
· Total Income should be less than 5lakh after considering the Deductions under Chapter VIA.
If both conditions are satisfied, then the taxpayer will get Tax Rebate up to Rs. 12,500/- u/s 87A (earlier Rs. 2500 up to total income Rs. 3.5 lakh.
Explanation:
Suppose a taxpayer's Total Income = 500,000
Exemption = 250,000
Total Income after exemption = 250,000
Tax @ 5% on Total Income = 12,500
Rebate u/s 87A = 12,500
Tax Payable = 0
It means, if the taxpayer's total income is 5 lakh or below 5 lakh, then he will get tax rebate u/s 87A. So, no tax is payable. But obviously, he needs to file an income tax return if his Total Income is above 2.5 lakh (3 lakh for senior citizens and 5 lakh for very senior citizens).
If the taxpayer's total income exceeds 5 lakh, he does not get tax rebate u/s 87A. He needs to pay tax according to slab rates.
Explanation:
Suppose a taxpayer's Total Income = 500,000
Exemption = 250,000
Total Income after exemption = 250,000
Tax @ 5% on Total Income = 12,500
Rebate u/s 87A = 12,500
Tax Payable = 0
It means, if the taxpayer's total income is 5 lakh or below 5 lakh, then he will get tax rebate u/s 87A. So, no tax is payable. But obviously, he needs to file an income tax return if his Total Income is above 2.5 lakh (3 lakh for senior citizens and 5 lakh for very senior citizens).
If the taxpayer's total income exceeds 5 lakh, he does not get tax rebate u/s 87A. He needs to pay tax according to slab rates.
Download All in One TDS on Salary for West Bengal Govt Employees for the F.Y. 2019-2020 and A.Y. 20120-2021 With H.R.A. Exemption Calculation U/s 10(13A) + Calculation of ROPA 2019
The feature of this Excel Utility is the following:-
1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019
2) The Salary Structure as per the All of W.B.Govt employee’s Salary Pattern (As per the 6th Pay Commission ROPA 2019
3) Automated Individually Salary Sheet for each Employee
4) Automated Income Tax Salary Sheet for each Employee
5) Automated House Rent Exemption Calculation U/s 10(13A)
6) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format
7) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format
