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Income tax 2020-2021

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This query is : Resolved

Quick Summary

This discussion clarifies income tax for the 2020-2021 financial year. An individual earning Rs. 6,24,000 annually, with Rs. 1,50,000 invested in PPF, is informed that they likely have no income tax liability. It's noted that tax is only payable on income exceeding Rs. 5 lakhs, and deductions are not permitted under the new tax scheme offering a Rs. 5 lakh exemption.

Vaneet Monga

Vaneet Monga (Querist)

05 August 2021 Dear Sir

Can i need to pay income tax may annual income is rs.624000/- in which i have deposit RS.150000/- In PPF account.

Ankit Neema

Ankit Neema (Expert)

05 August 2021 No income tax liability, in case you have net income less than 5L,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

05 August 2021 You need to pay income tax on income exceeding 5 lacs. No deduction allowed when you choose new scheme of 5 lacs exemption.
@ Ankit Neema correct your reply.

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