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Taxes

Income Tax Calculator for FY 2019-20 [AY 2020-21] – Excel Download

Download Excel based Income Tax Calculator for FY 2019-20 Budget 2019 has made some changes to Income tax for individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There has been no changes in the income tax slab. We highlight the changes and give you the new tax calculator for FY 2019-20 [AY 2020-21]. Changes in Income Tax Rules: […] Continue reading →

Budget 2019: Income Tax Slabs for FY 2019-20 (AY 2020-21)

Income Tax Slabs for FY 2019-20 in Budget 2019 Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A.   Rebate under Section 87A changed […] Continue reading →

How Standard Deduction would lower tax outgo for Salaried and Pensioners?

Standard Deduction for Salaried and Pensioners Budget 2018 though did not change the broad tax slabs but made some changes in the tax exemptions. One of them was reintroduction of Standard Deduction for salaried and pensioners. From FY 2018-19 (AY 2019-20) all salaried and pensioners would be eligible for standard deduction of Rs 40,000. However, as they say devil lies in […] Continue reading →

Section 80TTB: Senior Citizens can Save Tax on their Interest Income

Section 80TTB - Tax Exemption for Senior Citizens on Interest Income Budget 2018 along with many changes to tax laws also introduced a new Section 80TTB. According to this Senior citizen can claim tax exemption up to Rs 50,000 on interest income from bank/ post office fixed deposit, recurring deposit or savings account.Also, if a senior citizen opts to take advantage of Section 80TTB, he cannot […] Continue reading →