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Is upto 5 lakh nil tax ?
Is income upto 5 lakh tax free in the financial year 2020-21
Replies (3)
May be Yes...
(Note : Budget related details will be just based on budget. It's confirm after passing GO/Notifications/Orders...
(Note : Budget related details will be just based on budget. It's confirm after passing GO/Notifications/Orders...
It is nil provided you have your income upto 5 lakhs...if not then rebate u/s87a is not available and therefore upto 2.5 lakh will be nil.
Under old tax regime, nil tax if income below or upto 5 lakhs. (considering rebate under 87A)
Under new tax regime tax is 5% between 250001/- to 500000/-
Under new tax regime tax is 5% between 250001/- to 500000/-
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