IT RETURNS FOR.Y.19 -20

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MANAGER
373 Points Posted on 29 March 2021

I am individual person & resident in india , my total income   after deduction 80c,80d,80tta come rs. 4,99,200.00 for the Financial Year 2019-20  , now I will want to file my IT returns 30/03/21 how many tax paid against this please calculated.....

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On 29 March 2021 at 09:51 Report
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If your total income after deductions for FY 2019-20 is ₹4,99,200, your tax liability will be nil due to a rebate of ₹12,500. However, you must still file your IT return to avoid a penalty under Section 234F. If you have capital gains, a small tax amount might apply.

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Chartered Accountant
24588 Points Posted on 29 March 2021
Your tax liability will be nil after rebate of 12500 rupees
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On 29 March 2021 at 10:45
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17269 Points Posted on 29 March 2021
Tax rebate is upto income of 5 lakhs. so tax liability will be nil. But return filing is mandatory with 1000 penalty under 234F
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On 29 March 2021 at 11:18
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Chartered Accountant
86505 Points Posted on 29 March 2021

No tax liability arises on such income. However if you have income from Capital Gain , you have to pay tax upto Rs. 12500+EC

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On 29 March 2021 at 12:43

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