Income Tax FY19-20

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Pro Tech Guru
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I am starting this thread for discussions related to current year only smile


Case 1 -

So if your income (after all deductions and exemptions) is Rs.499999

You pay zero tax (Rs.12500 rebate if your net income is less than 5 lakhs)


Case 2 -

If your income (after all deductions and exemptions) is Rs.500001

You have to pay Rs.12500 + 4% cess (Rs.500)

Note – No rebate as your income is above 5 lakhs


Income ~ 500000 ~ Zero tax
Income ~ 600000 ~ Rs.33800 (Rs.13000+20800)

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Pro Tech Guru Pro Tech Guru
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Deductions and Exemptions:

Suppose your Income is 10L

:: Imaginary figures mentioned below

HRA (check formula for that online) ~ Rs.46000
STANDARD DEDUCTION ~ 50000
PROF TAX DED ~ 2400

80C ~ 150000 (Tax saving FD, Mutual Funds, EPF, PPF, Term Incurance)
NPS ~ 50000 (Tier 1)

80D (Extra health insurance) ~ 25000 (you) + 25000 or 50000 (parents below 60 or above 60)

Education loan interest ~ 15000-25000

If you took loan for buying property, extra deductions smile

https://www.desidime.com/forums/dost-and-dimes/...

Pro Tech Guru Pro Tech Guru
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One more exemption -

Rs.1600 per month Conveyance allowance exempt smile
Rs.19200 per year.

The above allowance exempt under Section 10 (14)(ii)for Salaried Employees is exempt to the extent of the amount received or the limit specified whichever is less.

Actual expenditure incurred in such cases does not have any relevance.

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Deal Lieutenant Deal Lieutenant
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Vu and kg

Deal Cadet Deal Cadet
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I want to inquire about people above the age of 60 having no salaried income but earning interest through FDs and savings account upto 5 lacs. Do they have to pay any taxes or fill any forms like 15H?

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Super Stud Super Stud
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I guess home loan comes under 80C only

Cool Cool
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Only principal payment comes under 80C. Interest payment comes under section 24.

Deal Lieutenant Deal Lieutenant
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noob question
what will be my tax on 6 lac income(income from other sources) if
1. I show my clg fee as 75k a year(I have receipt)
2. I show a loan of like 1 lac from bank with proper documents

Shopping Friend Shopping Friend
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1) clg fee deduction is given only to parents (not the student itself). Its 150000 u/s 80c
2) if home loan you can claim principal ded u/s 80c (max 1.5l deduc u/s 80c). And for interest part you would have to claim loss on self occupied house property.

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Deal Newbie Deal Newbie
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Bythe way the revision in income tax is for FY 20 21 please change the subject

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