Explained: Calculation of Income Tax For Assessment Year 2020-21
- knp gst
- Feb 4, 2019
- 2 min read
Union budget which was recently unveiled on 1st Feb 2019 took turns for many reasons for both positive and negative aspects of the common public. The announcement of union budget has struck through various benefits for the farmers including yearly INR 6000 pay for the lesser than 2 hectares of the land of any individual farmer. While income tax rebate took the central position of the announcement.
The announcement of union budget 2019, there were multiple benefits showered on the middle class as well as on the farmers alike. The salaried one also got some relief as the government has given full tax rebate up to an income of 5 lakhs.
The effects will take place after the onset of the Assessment Year 2020-21 which will further implement the changes done on an actual level.
Also, note some of the significant changes in the income tax laws:
Full tax rebate on income up to INR 5 lakh while in other cases all the aspects i.e. income tax rates/slabs will remain unchanged
Standard deduction limit which is applicable to the employees and pensioners hiked from INR 40,000 t0 INR 50,000
Now, Here we will go through some examples understanding the latest amendments in the income tax slab which will further change the liability aspect of a taxpayer.
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