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 –

 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) – 

 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) – 

 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 – 

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: 

 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 2019-2020.

Surcharge as follows: 

 Following Table of Section 87A for Income Tax –

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/-