Income Tax Budget 2019-2020.

Income Tax Budget 2019-2020.

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 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/-