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Taxable income from salary

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KVC Shekhar

4 Points Joined February 2019

1.Present Non Taxable income is 250000/-

2.Upto Rs 500000 there is rebate of Rs 12500/- from 250000 to 500000.
3.Still whether we need to submit Investment paper under section 80c for more than Income of Rs 250000/- up to 500000/- or not.
4 If we will not submit Investment particulars or paper then whether income tax will be deducted from salary or not up to Rs500000/-

Replies (1)

Sivaraman A R

1044 Points Joined January 2009

For FY 2019-20, tax is Nil if net total income is upto 5 lakhs. If tax payable is nil, no TDS is required to be deducted, Submit and intimate 80C detaiis to your employer if your Gross Total Income is above Rs 5 Lakh to bring it down to Rs 5 lakhs NTI.

Even in our case, you can submit 80 C papers to employers.