Income Tax Budget 2019-2020.
Details Information about Income Tax Budget
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Individual taxpayers will get a full tax rebate with annual income up to INR 5 lakh.
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Standard tax deduction for salaried persons applies Rs 50,000.
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TDS on Rent will be deducted above rental income Rs. 2.4 lakh.
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Gratuity limit increased 20 lakh
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Capital tax gains are applicable from investment in two residential houses, for a person up to Rs. 2 crores for once in a lifetime.
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Under Sec 80(i) BA being included for one more year, for all housing projects permission till the end of 2019-2020.
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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:
- All rate AY 2020-21 is excluding of Surcharge and
- 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:
- All rate AY 2020-21 is excluding of Surcharge and
- 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:
- All rate AY 2020-21 is excluding of Surcharge and
- “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:
- All rate AY 2020-21 is excluding of Surcharge and
- “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:
- All rate AY 2020-21 is excluding of Surcharge and
- “Health and Education Cess” at the rate is of 4%
Important Income Tax Topic in India
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/-