Income Tax Budget 2019-2020.

Details Information about Income Tax Budget

  1. Individual taxpayers will get full tax rebate with annual income up to INR 5 lakh.

  2. Standard tax deduction for salaried persons applies Rs 50,000.

  3. TDS on Rent will be deducted above rental income Rs. 2.4 lakh.

  4. Gratuity limit increased 20 lakh

  5. Capital tax gains are applicable from investment in two residential houses, for a person up to Rs. 2 crores for once in a lifetime.

  6. Under Sec 80(i) BA being included for one more year, for all housing projects permission till the end of 2019-2020. 

 

Rates of Income Tax for Assessment Year – 2020-21

Resident Individual –

Net Income AY 2020-21
Up to Rs. 2,50,000
 
Nil
Rs. 2,50,000 to Rs. 5,00,000
 
5%
Rs. 5,00,000 to Rs. 10,00,000
 
20%
Above Rs. 10,00,000
 
30%

 Note:

  1. All rate AY 2020-21 is excluding of Surcharge and
  2. 87A can claim total income upto Rs. 5,00,000.

Senior Citizen  (60 to 80 years) – 

Net Income AY 2020-21
Upto Rs. 3,00,000
 
Nil
Rs. 3,00,000 to Rs. 5,00,000
 
5%
Rs. 5,00,000 to Rs. 10,00,000
 
20%
Above Rs. 10,00,000
 
30%

 Note:

  1. All rate AY 2020-21 is excluding of Surcharge and
  2. 87A can claim total income upto Rs. 5, 00, 000.

 

Senior Citizen (80 years or above) – 

Net Income AY 2020-21
Upto Rs. 5,00,000
 
Nil
Rs. 5,00,000 to Rs. 10,00,000
 
20%
Above Rs. 10,00,000
 
30%

 Note:

  1. All rate AY 2020-21 is excluding of Surcharge and
  2. “Health and Education Cess” at the rate is of 4%

Firm , Local authority, or Domestic Company, or foreign company – 

Particulars AY 2020-21
Firms 30%
Local Authority 30%
Domestic Companies Gross Turnover
Less than Rs. 50 Crore.
25%
Domestic Companies Gross Turnover less than Rs. 250 Crore .
 
25%
Domestic Companies Gross Turnover
more than Rs. 250 Crore
30%
Foreign Company 40%

Note:

  1. All rate AY 2020-21 is excluding of Surcharge and
  2. “Health and Education Cess” at the rate is of 4%

 

Co-operative Society: 

Particulars AY 2020-21
Up to Rs. 10,000
 
10%
Rs. 10,000 to Rs. 20,000
 
20%
Above Rs. 20,000
 
30%

 Note:

  1. All rate AY 2020-21 is excluding of Surcharge and
  2. “Health and Education Cess” at the rate is of 4%
Income Tax Budget

Income Tax Budget

 

Income Tax Budget 2019-2020.

Surcharge as follows: 

 
Assessment Year
 
Net Income
 
Individuals
/HUF
 
Firm/
Local Authority
 
Domestic Company
 
Foreign Company
 
Co-
operative Societies
 
2019-20
Rs. 50 Lakhs
to Rs. 1 Crore
10% Nil Nil Nil Nil
 
2019-20
Rs. 1 Crore
to Rs.10 Crores
15% 12% 7% 2% 12%
 
2019-20
Exceeding Rs.            10
Crores
15% 12% 12% 5% 12%
 
2019-20
Rs. 50 Lakhs
to Rs. 1 Crore
10% Nil Nil Nil Nil
 
20119-20
Rs. 1 Crore
to   Rs.   10 Crores
15% 12% 7% 2% 12%
 
2019-20
Exceeding Rs.10
Crores
15% 12% 12% 5% 12%


 Following Table of Section 87A for Income Tax

Taxable Income Resident Individual
2,50,000
3,50,000 2,500
5,00,000 12,500
6,00,000 32,500
10,00,000 1,12,500

Interest deducted section 194A for Income Tax Act:

TDs will be deducted on interest income from banks, Post office deposit, cooperative society above Rs.50000/-