What will be taxable income for FY 2019-20

Slab remains 2.50L for aged below 60 yrs.

But if Net income is below 5 lakhs, no tax liability.

Agree with above

as you said your gross salary is 6.5 lakh, try to save atleast 1.5lakh in insurance/ppf/ medical insurance etc to bring down your Net total income well below 5 lakh, then you will not have to pay tax as you will be eligible for tax rebate upto Rs 12500/-. But if ur net total income(including bank interests etc) crosses 5 lakh u have to pay tax of rs12500 plus 20% of income which is above Rs 5 lakh(assuming income not crossing 10 lakh)

someone told that, we need to save 1.5(80c)+1.0 lac, total =2.5+2.5=5.0 lac

if we did not save upto 5 lacks, then rebate of rs.12500/- will not be applicable.

pl clarify, if i am wrong

 

.As long as your taxable income within Rs.5L or not exceeding Rs.5L,your are not liable to pay tax or your allowed to avail maximum tax benefit of Rs.12500,under section 87A of Income Tax act.