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Incom tax rates 2019-20

AkAsH gArG (13 Points)

13 September 2019

what is the incom tax slab for the ongoing year?

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11 Replies

giriraj mundada (39 Points)
Replied 13 September 2019

For individuals rebate has been increased upto RS. 5L if the total income is upto RS. 5L

AkAsH gArG (13 Points)
Replied 13 September 2019

For the income 6 lakh 80 thousand of a govt. employee, how much will be the tax?

giriraj mundada (39 Points)
Replied 13 September 2019

The rebate will be removed and BEL would be again 2.5L

Kapadia Pravin (17249 Points)
Replied 13 September 2019

680000 /- is after considering all deductions viz Standard Deduction, Profession Tax, 80C 80D etc Pl clarify.

If it is after taking all deductions then tax would be 50440/-

AkAsH gArG (13 Points)
Replied 13 September 2019

Kapadia ji kya calculation ki hai apne meri samajh se bhr hai

Kapadia Pravin (17249 Points)
Replied 13 September 2019

@ Akash

Tax calculation sahi hai.
Aap ka 680000/- calculation ka details Kya hai ?

AkAsH gArG (13 Points)
Replied 13 September 2019

5 lakh No tax+ 1.5 lakh 80's relief + 50 thousand standard deduction.

so according to me...there is no tax on income at last 7 lakh...

Dilip Bhandarkar (Student) (55 Points)
Replied 13 September 2019

'No tax upto 5 lakhs' is the wrong conception.
Actually the rebate amount has been increased and not the basic exemption limit. Rebate u/s 87A is given to assessee whose 'Taxable Income' is below 5 lakhs (Which was Rs.3.5L till AY 2018-19). For computing taxable income, you have to deduct all the Chapter VI A deductions i.e 80C, 80D etc and if the resulting figure is below or upto 5 lakhs, you will not have any tax liability. But if the resulting figure is above 5 lakhs, then you have to pay tax in the same way as AY 2018-19 i.e previous year's slab rates.

Kapadia Pravin (17249 Points)
Replied 14 September 2019

@ Akash

Your salary 680000/-
Less - standard Deduction. 40000/-
Balance - 640000/-
Less - 80's deduction 150000/-
Balance - 490000/-
Add - Other sources of income
Total taxable income -- less than 5 lakhs

If total less than 5 lakhs then - No tax

1 Like

sabyasachi mukherjee (26053 Points)
Replied 14 September 2019

Individuals above the age of 80 years are in this slab.

Kapadia Pravin (17249 Points)
Replied 16 September 2019

@ Akash

From AY 2020-2021 if taxable income of an individual is upto say 5 lakhs then -
Tax .... Rs 12500/-
Less Rebate u/s 87A ... Rs. 12500/-
Net tax liability ... Rs. Nil

From AY 2020-2021 if taxable income of an individual Senior Citizen is upto say 5 lakhs then -
Tax .... Rs 10000/-
Less Rebate u/s 87A ... Rs. 10000/-
Net tax liability ... Rs. Nil

please be clarified