As
per the Finance Budget 2019, some Important Income Tax Section and
Income Tax Rebate has changed. The Major modification including the
Income Tax Slab Rate for the F.Y. 2019-20 is given below.
Showing posts with label Automated Income Tax Calculator for Non-Govt employees for F.Y.2019-20. Show all posts
Showing posts with label Automated Income Tax Calculator for Non-Govt employees for F.Y.2019-20. Show all posts
Friday, 25 October 2019
Tuesday, 10 September 2019
The
Interim Budget presented by the finance minister, Piyush Goyal, on
February 01, 2019, made some major changes to the tax rates applicable to individuals. Effectively, the budget has made net taxable income free of tax up to Rs5 lakhs. But there is a catch here. The tax slabs have not been tinkered with. Instead, the tax on the lowest slab will be given as rebate to the assessee. For example, the Finance Bill envisages
a maximum tax rebate of Rs12,500 under Section 87A of the Income Tax
Act. What needs to be remembered is that these new rates of tax will be applicable from the financial year 2019-20 corresponding to the assessment year 2020-21. Let us understand this issue better as we go through the individual slabs for income tax applicable.
Wednesday, 14 August 2019
Tuesday, 13 August 2019
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