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Income Tax

venkatesh (accountant) (37 Points)

03 February 2019

In Budget 2019, There is no tax for up to Rs.5,00,000 income but I read news somewhere still there is no changes in IT slabs and % of tax, I didn't understand please explain and solve my doubt, I thought it will help others also to getting clarity.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 03 February 2019

Rebate under 87A applies to only such persons whose total income is less than or equal to 5 lakhs ... (i.e., no tax liability arises up to 5 lakhs) Moreover if total income exceeds 5lakhs then there is no concept if rebate under 87A.

Read the article. how-a-salaried-person-with-income-up-to-rs-7-75-lakh-can-now-pay-zero-tax

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Kapil Singh (70 Points)
Replied 03 February 2019

In Interim budget There has been no changes in tax slab instead Rebate under section 87A is allowed increased to 12500 or amount of tax which ever is allowed on having Total Income Upto ₹500000

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venkatesh (accountant) (37 Points)
Replied 03 February 2019

Thanks for information

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Jatin (Accountant) (3479 Points)
Replied 03 February 2019

If total income is 5,50,000.00 & Taxable income is 5,00,000.00 after standard deduction of Rs 50,000.

is rebate of Rs. 12500 allowed

If yes no tax on income upto Rs 5,50,000.00

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