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Category Archives for "Budget 2019-20"

Income Tax Calculation For Senior Citizens

Income Tax Calculation For Senior Citizens FY 2019-20 Income tax calculation for senior citizens is very simple.Just have a quick look, 0-3,00,000 = nil tax. 3,00,001-5,00,000 = @5% & 5,00,001- 10,00,000 = @ 20% and above 10,00,000 = @30%. Standard Deduction Senior citizens are also alligible for standard deduction of ₹ 50,000 for FY 2019-20. […]

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How To Calculate Income Tax For NPS Employees

How To Calculate Income Tax For NPS Employees FY 2019-20 Today,You will learn how to calculate income tax for NPS employees for FY 2019-20.And NPS employees can take additional ₹ 50,000 deduction besides 150,000 under section 80CCD(1B). NPS employee’s CPF contribution to NPS comes under section 80CCD(1) of income tax act.And 10% of basic+DA is […]

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How To Calculate Income tax 2019-20

How To Calculate Income tax 2019-20 In this article you will learn How to calculate Income tax for AY 2019-20.According to budget 2019,there will be no tax ,if total income is up to 5 lakhs. Total Income Vs Gross Income The income you earn from all sources in a financial year is called gross income . […]

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Deductions under chapter VI-A FY 2019-20

Deductions under chapter VIA FY 2019-20 Deductions under chapter VIA FY 2019-20, are the savings ,that allow a tax payer to reduce tax liability as per income tax laws. Section 80C : There are the following components of section 80C : Amount  deposited towards life insurance. GPF : GOVT. Provident Fund. Public Provident Fund, (PPF). […]

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Section 80CCD(1B)

Additional Income Tax Deduction U/S Section 80CCD(1B) FY 2019-20 Tax payers who comes under NPS,can get additional income tax deduction of rs. 50,000 under section 80CCD(1B). If you are a govt. Employee and an NPS subscriber,then 10% of your basic pay and DA goes directly to national pension scheme account in terms of PRAN no. […]

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Income Tax Benefit Under NPS

Income Tax Benefit Under NPS (Sections 80CCD(1),80CCD(2),80CCD(1B) 2019-20 In order to take income tax benefit under NPS,you must have knowledge about sections 80CCD(1),80CCD(2),80CCD(1B). As per new pension scheme (NPS) 2019,you can take income tax benefit under NPS as deduction of rs up to 2 lakhs under sections 80CCD(1),80CCD(2),80CCD(1B). Section 80CCD(1) Firstly,let us understand section 80CCD(1). According […]

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Tax Benefit On Personal Loan

Take Huge Tax Benefit On Personal Loan FY 2019-20 According to Income tax act,you can take huge tax benefit on personal loan for fy 2019-20. The condition is that the personal loan you have taken,must be used for the following purposes: For the purpose of construction of a residential building,house. For business For purchase of […]

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Income Tax Rebate U/s 87A

Income Tax Rebate Under Section 87A Of Income Tax Act FY 2019-20 Rebate under section 87A: There is a change in income tax rebate under section 87A of income tax act for fy 2019-20. If your total income (Gross income – saving) is 5 lakhs. You can get income tax rebate of rs. 12,500 under section […]

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