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Income Tax

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accountant
37 Points Posted on 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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On 03 February 2019 at 14:33 Report
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SEO Sai Gr. Hosp.
211715 Points Posted on 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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On 03 February 2019 at 14:51
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70 Points Posted on 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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On 03 February 2019 at 15:10
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accountant
37 Points Posted on 03 February 2019
Thanks for information
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On 03 February 2019 at 16:34
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Accountant
3479 Points Posted on 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
1 Reply
On 03 February 2019 at 18:41
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7059 Points Posted on 10 March 2019
thank you and congratulations
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On 10 March 2019 at 17:26


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