Akash Aru 20 September 2020
My brother salary income for this year will
Gross income 397030
deduction (PF and PT) 16000
Net income. 381030
So Will he need to pay tax on above 2.5lakh?
if yes, how he can save it?
if not, which tax system suitable for him if his income in next year will be more than 5 lakh nearly 7 lakh?
Sagar Patel (Tax and Business Consultant) 20 September 2020
If in F.Y 2019-20 your income is 3,81,030 than you will get rebate u/s 87A and after that rebate your tax liability will be NIL....
So, In General if your income below 5,00,000 than you are not required to pay any Income tax.