Latest News

  • Home
  • National
  • How To Calculate Income Tax For Assessment Year 2020-21
How To Calculate Income Tax For Assessment Year 2020-21
Tuesday, February 5, 2019 IST
How To Calculate Income Tax For Assessment Year 2020-21

From the rebate on income up to Rs. 5 lakh to a 25 per cent hike in standard deduction, here's all you need to know to know your income tax liability.

 
 

From the announcement of a full tax rebate on an annual income up to Rs. 5 lakh to a 25 per cent hike in standard deduction applicable to the salaried and pensioners, the Budget 2019 proposes few key changes to income tax laws. Once the new income tax rules come into effect, that is, from Assessment Year 2020-21, individual assessees' tax outgo will change accordingly. Financial experts have shared few examples to explain the changes in income tax liability as per the proposed changes in laws.
 
But before that, here's a brief description of two noteworthy changes in income tax laws proposed in the February 1 Budget:
 
*Full tax rebate on annual personal income up to Rs. 5 lakh; in other cases, income tax rates/slabs remain unchanged
 
*Standard deduction limit (applicable to employees and pensioners) raised from Rs. 40,000 (Budget 2018) to Rs. 50,000 (Budget 2019)

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 64K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 9K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 9K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 8K views . 83 min read
 

 
 

More in National

 Article
How India’s Prevention of Cruelty against Animals law is failing animals (and us, by extension)

In contrast, this is the year the FBI in the US has reclassified animal abuse to be prosecuted with a seriousness at par with arson, kidnapping and homicide. <...

Recently posted. 834 views . 30 min read
 

 Article
UIDAI dismisses Aadhaar software hack report as ‘irresponsible’ and ‘baseless’

The response from UIDAI comes hours after a media report stated that the authenticity of the data stored in Aadhaar identity database has been compromised by a soft...

Recently posted. 587 views . 1 min read
 

 Article
How to file ITR-1 online

Individual can file ITR-1 either by downloading excel utility from e-filing website or by 'Prepare and Submit Online' without downloading any software.

Recently posted. 658 views . 1 min read
 

 Reviews
Top 10 Real Estate Websites for Property Search



Recently posted . 1K views . 48 min read
 

 Reviews
Top Schools in Delhi-NCR



Recently posted . 3K views . 126 min read
 

 Article
Veteran actor Shashi Kapoor breathes his last at 79

  Shashi Kapoor's death has left the industry people and fans in a state of shock.

Recently posted. 554 views . 0 min read
 

 Article
Sealing: Supreme Court lashes out at Centre, says ‘you cannot go on destroying Delhi’

Sealing drive: Calling it a "very serious issue" concerning governance, the apex court said that due to the failure of authorities in doing their job, suc...

Recently posted. 597 views . 1 min read
 

 
 
 

   Prashnavali

  Thought of the Day

“Humor is the great thing, the saving thing after all. The minute it crops up, all our hardnesses yield, all our irritations, and resentments flit away, and a sunny spirit takes their place.”
Mark Twain

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top