A quick review (Limited Information) of the applicable provisions under the Income Tax Act for the F. Y. 2019-20 (A. Y. 2020-21), after incorporating amendments (only key and selective amendments) proposed by the Interim Union Budget of 2019, are given below for ready reference and information of our clients:-

(A)  RATE OF INCOME TAX ON INDIVIDUALS / HUF
Note –The budget announcement of no Tax upto an Income of Rs. 5 Lakhs, is in the form of “Rebate” under section 87A, which means it will be available only to those resident individuals whose Total Taxable Income is less than or equal to Rs. 5 Lakhs (after availing all available deductions). There is no change in Tax Slabs and there is no exemption to those individuals whose total Taxable Income (after all deductions) is above Rs. 5 Lakhs.

PICTURE OF TAX SLAB 19-20

Section
Nature
Deduction Upper Limit
Comments
16 (ia)
Standard Deduction to Salaried Employees
50,000/- 
Increased from Rs. 40,000 (in F.Y. 2018-19) to Rs. 50,000 (in F.Y. 2019-20)
23(2) & 23(4)
Deduction of Deemed Rent on Self Occupied House
Entire Deemed Rent of 2 Houses “not Let Out” by an Assessee
Till F.Y. 2018-19, the Deduction of Deemed Rent was limited to only 1 House
24 (b)
Interest on Housing Loan (For Self Occupied Property)
Upto Rs. 2 Lakhs 
In case of Let Out House Property the entire Interest is deductible; however by virtue of Section 71 (3A), the maximum loss of only upto Rs. 2 Lakhs can be set-off against income from other head of incomes and excess if any shall be carried forward for set-off in succeeding 8 years.
80 C
Investments in Life Insurance Premium, PF, PPF, NSC, ULIP, Tax Benefit Mutual Funds, Tution Fees (2 Child), Home Loan Principal Repayment, Notified Bonds, 5 Yr FDs etc
Upto Rs. 1.50 Lakhs
No Change
80 CCD
Investment in Pension Scheme
Upto Rs. 0.50 Lakhs
For individuals other than employee – limit of investment in NPS is 20% of GTI
80 D
Mediclaim Insurance
Sr. Citizen:Rs. 50000Others : Rs. 25000
No Change
80 E
Interest on Education Loan 
(Upto maximum 8 years from the year of first repayment)
Entire Interest Paid during the year
1.    Education Loan must be taken by that Individuals;2.    For Higher Education of Self, Spouse, Children or student for whom, he is a legal guardian;
3.    The loan is taken from any Financial Institution or  approved Charitable Institution;
80 EE
Interest on Loan of upto Rs. 35 Lakhs on First Residential House  with value below Rs. 50 Lakhs and sanctioned between 01-04-2016 to 31-03-2017
Rs. 50,000/-
Deduction of Interest is only allowed once and cannot be claimed in both 24(b) and 80EE or any other section; 
80 GG
Rent Paid
Lower of Following:1.    Rs. 5000 p.m.
2.    25% of Total Income;
3.    Rent Paid – 10% of Total Income
No Change
80TTA
Interest from Savings Account
Rs. 50000/-
This is allowed to the extent of Interest earned from Savings Account. No Benefit under this section if benefit u/s 80TTB is claimed.
87A
Rebate
12,500/- or Tax Liability whichever is lower
Applicable only for Individuals resident in India with Total Income upto Rs. 5,00,000/-

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