How much tax you will have to pay explained Income Tax standard deduction for FY 2019-20 How much tax you will have to pay explained Income Tax standard deduction for FY 2019-20 Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« News Headlines »

Income tax return filing: Here's your step by step guide
ITR filing: Here's how you can file your tax return online
Three changes that will impact the tax filing ITR filing
Five Befits of Filing Income Tax Returns
How to get an income tax e-refund
Last date to file annual tax returns under GST extended to August 31
New income tax rules with tougher penalty comes into effect
Filing income-tax returns? Here are the five key mistakes to avoid
Which salaried individuals can't file ITR-1 for FY2018-19
12 documents you need to file your income tax return this year
NRIs need to file income tax return to get TDS refund


« 4 best tax saving investment schemes for senior citizens...	Income-tax Deduction from salaries during the Financial Year... »
How much tax you will have to pay explained Income Tax standard deduction for FY 2019-20

January, 11th 2019
Income tax deduction 2019-20: Budget preparation is going on. Income tax deduction 2019-20: Budget preparation is going on. On February 1, 2019, Finance Minister Arun Jaitley is going to present the budget in Parliament. Here, we are talking about some changes in the previous budget. You must be remembering that there was no change in the income tax slab, but he announced a standard deduction of Rs 40,000 in place of previous medical reimbursement of Rs 15,000 and transport allowance of Rs 19,200. In addition, in the case of individual income tax, the cess incurred was increased from 3% to 4%. Let's understand what are the profits and losses in income tax you may make. Taxable income above Rs 4 lakh? You will save this much: If your taxable income is Rs 4 lakh, then after standard deduction you will be able to save Rs 244 in the financial year 2018-19 as compared to the financial year 2017-18. Understand from the table below: If taxable income is Rs. 8 lakhs then you will save Rs. 550 If your income is Rs 16 lakh then your tax liability increases due to cess. An additional income tax of Rs 1,013 will be charged in the current financial year.