News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Top Headlines »
 Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019?
 Notification No. 102/2019 Central Board Of Direct Taxes
 Income Tax Payer? Save your money! Top 10 tips for ITR filers to profit from
 Missed ITR deadline? File it before December 31 to avoid paying higher penalty
 All you need to know about treatment of income from self-occupied property ITR filing
 Complete ITR process before this date or have hefty penalty slapped on you Income Tax return filing
 M/s Nalini Jewellers, 16/2646-49, Bank Street, Karol Bagh, New Delhi. Vs. The Assistant Commissioner of Income Tax, Circle-33(1), New Delhi.
  Prohibition of Benami Property Transactions (1st Amendment), Rules, 2019
 Income Tax Return filing: How to disclose foreign income, assets in ITR
 Missed Income Tax Deadline? Learn How To Prepare And Submit A Belated Return
 Not received income tax refund yet? Here is how much interest you will get

How To Calculate Income Tax For Assessment Year 2020-21
February, 04th 2019

From the announcement of a full tax rebate on an annual income up to Rs. 5 lakh to a 25 per cent hike in standard deduction applicable to the salaried and pensioners, the Budget 2019 proposes few key changes to income tax laws. Once the new income tax rules come into effect, that is, from Assessment Year 2020-21, individual assessees' tax outgo will change accordingly. Financial experts have shared few examples to explain the changes in income tax liability as per the proposed changes in laws.

(Also read: Tax gift for "great Indian middle class" as government preps for polls)


1 COMMENT
But before that, here's a brief description of two noteworthy changes in income tax laws proposed in the February 1 Budget:

Full tax rebate on annual personal income up to Rs. 5 lakh; in other cases, income tax rates/slabs remain unchanged
Standard deduction limit (applicable to employees and pensioners) raised from Rs. 40,000 (Budget 2018) to Rs. 50,000 (Budget 2019)
Here are some of those examples underlining the changes in income tax liability from assessment year 2020-21:

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting