Income Tax FY19-20
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I am starting this thread for discussions related to current year only
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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One more exemption -
Rs.1600 per month Conveyance allowance exempt
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.
Vu and kg
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?
Zero tax
Refer – https://economictimes.indiatimes.com/wealth/tax...
and
I guess home loan comes under 80C only
Only principal payment comes under 80C. Interest payment comes under section 24.
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
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.
Bythe way the revision in income tax is for FY 20 21 please change the subject
Deductions and Exemptions:
:: 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
https://www.desidime.com/forums/dost-and-dimes/...