ALL RESPECTED MEMBERS
F.Y.2019-20 NET PROFIT IS 600000
AND DEDUCTION IS 100000 SO WHICH TAX SLAB APPLICABLE
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Regarding income tax slab
Replies (4)
| Originally posted by : Kamlesh Tolani | ||
 |
ALL RESPECTED MEMBERSF.Y.2019-20 NET PROFIT IS 600000AND DEDUCTION IS 100000 SO WHICH TAX SLAB APPLICABLE |  |
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/viewer.aspx?path=https://www.incometaxindia.gov.in/acts/finance%20acts/2019-1/102520000000104674.htm&k=
First tax slab
No tax upto 5 lakh
No tax upto 5 lakh
@ Tolani
Assuming assessee is Individual , tax slab will be (250001 to 500000) and hence tax will be @ 5% that is 12500/- , from that rebate under section 87A will be deducted by Rs 12500/- resulting into NIL tax liability. (assuming there are no disallowances from net profit)
For FY 2019-20 , there will be no tax liability.
As assuming net profit is after all disallowances. So according to tax slab
Upto 500000, there will be nil tax liability.
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