Budget 2020 has made
the tax structure more complicated by adding three income tax slabs. The
removal of tax exemptions and deductions certainly makes compliance less
tedious, but avid tax planners who maximised their tax deductions will probably
pay more tax under the new tax regime. The budget 2020 has tried to put more
money in the hands of taxpayers by curtailing the incentives to save.
Showing posts with label Revised New Form 16 Part B for F.Y. 2019-20. Show all posts
Showing posts with label Revised New Form 16 Part B for F.Y. 2019-20. Show all posts
Wednesday, 5 February 2020
Wednesday, 15 January 2020
As per
the Finance Budget 2019, some Important Income Tax Section and Income Tax
Rebate has changed.
1)
Income Tax Slab for the Financial Year 2019-20 is Same as Previous F.Y.2018-19
2)
Raised the Income Tax Rebate U/s 87A up to Rs. 12,500/- who's Taxable Income
less than 5 Lakh.
3)
Raised the Income Tax Standard Deduction U/s16(ia) from Rs. 40,000/- to
50,000/-
4)
Raised the Tax Exemption from the Bank/Post Office Savings Interest from
10,000/- to 50,000/-
5)
Introduce New Section 80EEA for New Home Loan Interest Rs.1.5 Lakh.
Tuesday, 14 January 2020
Friday, 6 December 2019
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