No Tax in Income Upto 5 lakh if income more then 5 lakh then Income Taxable from 2.5 or 3 or 5 lakh according to age Slab given below:
Part 3:
Income Tax Slab
1. Zero tax liability for
individuals with income less than 2.5 lakh rupees
2. Up to 5% tax for
income between 2.5 or 3 lakh to 5 lakh rupees (Applicable only if Assessee Age
below 80 years)
- · 2.5 lakh
for age lesser then 60 years
- · 3 lakh for
lesser then then 80 years
3. 20% tax for income in
the tax bracket of 5 to 10 lakh rupees
4. 30% tax for
individuals with income above 10 lakh rupees
New Income Tax Slab Fy 2019 20
This Rule is Applicable for the Financial year 2019 20 and Assessment Year 2020 21
Please considered the rule and get your tax benefit Easily
Income Tax Slab return 2020
Return Filling year is 2020. Now! Due to Covid - 19 Some Relaxation Also provided by Central Government As Detail Given Below:
IMPORTANT UPDATES:
Other Direct Tax Measures
- All Pending Refunds to charitable tursts and non-corporate business & professions including Proprietorship, partnership, LLP and Co-operatives shall be issued Immediately.
- Due date of all Income tax return for FY 2019-20 will extended from
- 31st july, 2020 and 31st October, 2020 to 30th November, 2020 and
- Tax audit from 30th September, 2020 to 31st October, 2020
Part 1:
Income Tax Slabs for Individual
Taxpayers Who Are Less Than 60 Years Old
Income Tax Slabs
|
Tax Rates
|
Up to ₹2,50,000
|
Nil
|
Within the tax bracket
of ₹2,50,001 to ₹5,00,000
|
5% of total income exceeding ₹2,50,000
|
Within the tax bracket
of ₹5,00,001 to ₹10,00,000
|
₹12,500 + 20% of total income
exceeding ₹5,00,000
|
Above ₹10,00,000
|
₹1,12,500 + 30% of total income exceeding ₹10,00,000
|
Income Tax Slabs for Senior
Citizens Aged Between 60 to 80 Years
Income Tax Slabs
|
Tax Rates
|
Up to ₹3,00,000
|
Nil
|
Within the tax bracket
of ₹3,00,000 to ₹5,00,000
|
5%
|
Within the tax bracket
of ₹5,00,001 to ₹10,00,000
|
₹10,000 + 20% of total income
exceeding ₹5,00,000
|
Above ₹10,00,000
|
₹1,10,000 + 30% of total income exceeding ₹10,00,000
|
Part 3:
Income Tax Slabs for Super
Senior Citizens Who Are 80 Years of Age or Above:
Income Tax Slabs
|
Tax Rates
|
Up to ₹5,00,000
|
Nil
|
Within the tax bracket
of ₹5,00,000 to ₹10,00,000
|
20%
|
Above ₹10,00,000
|
₹1,00,000 + 30% of total income
exceeding ₹10,00,000
|
Nill Tax Upto 5 lakh
As an Indian resident, you can claim tax rebate under Section 87A if your income lies in the tax bracket of up to 5 lakh rupees. Specifically, the deduction under this section will be 100% of income tax liability or INR 12,500, whichever is lower.
As an Indian resident, you can claim tax rebate under Section 87A if your income lies in the tax bracket of up to 5 lakh rupees. Specifically, the deduction under this section will be 100% of income tax liability or INR 12,500, whichever is lower.
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