The Income Tax Slab Rates remain unchanged for the Financial Year 2019-2020. However, Individuals with Taxable Income up to Rs 5,00,000/- per annum may avail Tax Credit up to Rs 12,500/-
under Section 87A on the Income Tax payable. Thereby, implying that
Individuals with Income up to Rs 5,00,000/- will not have any Tax
Liability for the Financial Year 2019-20 and Assessment Year 2020-2021.
Standard Deduction benefit has been increased to Rs 50,000/- for the
Financial Year 2019-20. For FY 2019-20, Income Tax Deductions and
Exemption is available to reduce the Taxable Income, allowing
Individuals to minimize the Tax Implications
