income tax slab inquiry

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Deal Cadet
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Anyone have any idea about income tax nil slab For HUF in Financial year 2020-2021 Assessment year 2021-2022

8 Comments  |  
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Deal Subedar
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Even Nirmala Sitharaman our FM will not know about FY 2020-2021.

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Deal Cadet
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jainashish85 wrote:

Even Nirmala Sitharaman our FM will not know about FY 2020-2021.

Nirmala Sitharaman in Budget said that 5 lakh income will be tax free. So only confusion is that the 5 lakh limit will also apply on HUF

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Deal Cadet
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I don’t think. Since 2.5 L is free and for the rest 2.5L, it is a rebate for individuals. not sure if HUF could also be included. Better to enquire with a CA

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Deal Subedar
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3.5g wrote:

Nirmalal Sitharaman in Budget said that 5 lakh income will be tax free. So only confusion is that the 5 lakh limit will also apply on HUF

We are currently in FY 2019-2020, so you cannot have the information for FY20-21 before budget announcement which will happen sometime in Feb 2020.

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Pro Critic
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There will be no changes in income tax slabs next year.

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Deal Cadet
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jainashish85 wrote:

We are currently in FY 2019-2020, so you cannot have the information for FY20-21 before budget announcement which will happen sometime in Feb 2020.

What about current year. Is 5 lakh slab only limited to individual or also to HUF

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