Saturday, 7 December 2019

Income Tax 2019-20 Calculation Savings Deductions Rebate Exemptions Software Details



Income Tax 2019-20 Calculation Savings Deductions Rebate Exemptions Software Details

Latest Income Tax Slabs and Rates proposed for Financial year 2019-20 As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.




Income Tax 2019-20 Calculation Savings Deductions Rebate Exemptions Software Details /2019/12/Income-Tax-2019-20-Calculation-Savings-Deductions-Rebate-Exemptions-Net-Tax-Payable-Amount-Software-Details.html


ITR 2019-20 Financial year and 2020-21 assessnment year income tax slabs savings Deductions automatics Net Taxable Income calculator Excell Programme by Experts for AP and Telangana Teachers and Employees Download Here.


As per the Budget 2019 announcement, no changes in the income tax slabs and rates have been proposed. A rebate of Rs 12,500 will be available for all taxpayers with taxable income up to Rs 5 lakh. This rebate will be available under Section 87A of the Income Tax Act. Also, standard deduction for financial year 2019-20 would be Rs 50,000.

ITR 2019-20 Financial year and 2020-21 Assessment Year Income Tax Slabs Savings Deductions automatics Net Taxable Income Calculator Excell Programme by Experts for AP Telangana teachers and Employees Download Here. Tax payers have to know these things before going to file Income Tax Return 2020 and have to Plan Savings Deductions  accordingly.




FY 2019-20 (AY 2020-21) Net taxable income(అన్ని deductions తీసి వేయంగ మిగిలిన amount)
Income tax slabs for Resident individual below 60 years of age


      
Taxable income                                slabsIncome tax rates and cess
  1. Up to `2,50,000 Nil
  2. 2,50,001 to 5,00,000 5%
  3. 5,00,001 to 10,00,000 12,500 + 20% of total income exceeding  5,00,000
  4. Above  10,00,000                1,12,500 + 30% of total income exceeding  10,00,000



  • Net taxable income 5lakhs లోపు ఉన్నవారికి రు.12500 tax rebate కలదు. (ఇంతకు ముందు రు. 2500 గా ఉండేది)
  • ఈ financial year లో housing loan తీసుకున్న వారికి  మాత్రమే:ఈ financial year లో  నూతనంగా ఇచ్చిన u/s 80EEA ప్రకారం Housing loan interest amount ఈ financial year లో 3.5 lakhs వరకు చూయించవచ్చు. ఇంతకు ముందు housing loan తీసుకున్న వారికి మాత్రం housing loan interest section 24 ప్రకారం 2lakhs మాత్రమే.
  • Standard deduction Rs:50000/-. (ఇంతకు ముందుRs:40000)
  • Bank వారు fixed deposit  etc.... Interest ను రు.10000/ దాటితే TDS cut చేసేవారు దానిని ఇపుడు రు.40000 దాటితేనే TDS cut చేస్తారు.
  • Cps వారికి 80C కింద 150000 పూర్తి అయితే ఇంకా 80CCD(1B) కింద additionalగా  Rs.50000 వరకు savings  చూయించవచ్చు.
కావున మీ savings ను సరి చూసుకోగలరు. Tax పడే దానిని బట్టి advance tax pay చేసుకోగలరు.
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