Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Full Budget 2019 presented on July5, 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.  There is also increase in the surcharge for person with net taxable income of more than Rs 2 crores.
Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs)
Surcharge of 25% if income is between Rs 2 to 5 crore and 37% if the income exceeds Rs 5 crore (this has increased from 15% earlier) – Changed in July 5, 2019 budget
Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000
In case of 2 house, tax on notional rent not applicable on second house and can be shown as self-occupied
TDS threshold for bank/post office/co-operative society deposits – raised to Rs. 40,000 per year from 10,000 per year.
Sec 54 exemption allowed on long term capital gains selling of one residential property to buy 2 residential property once in lifetime.
The government has not changed the tax slab but given the benefit through Sec 87A as it solves two things:
A partnership firm (including LLP) income is taxable at 30%.
Surcharge: 12% surcharge on income tax if the total income exceeds Rs 1 crore
Health and Education Cess: 4% cess on income tax including surcharge
Capital Gains Tax Rates:
Some income related to capital gains are taxed at special rates as shown below:
Capital Gains
Tax Rate
Short term capital gains from assets (Other than shares & mutual funds)
At Income Tax Slab rates listed above
Long term capital gains from assets (Other than shares & mutual funds)
20% (+4% Health and Education Cess)
Short term capital gains on shares and equity mutual funds
15%Â (+4%Â Health and Education Cess)
Long term capital gains on shares and equity mutual funds
10%Â (+4%Â Health and Education Cess)
Short term capital gains on debt mutual funds
At Income Tax Slab rates listed above
Long term capital gains on debt mutual funds
At 20% (+4% Health and Education Cess)Â with indexation
The above rates are based on FM speech. We will update after the budget documents are out and we look at the fine print.
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Amit
Hi Readers! I am Amit, the mind behind Apnaplan.com
I am MBA from NITIE, Mumbai and BIT from Delhi University.
This blog is my online diary where I write about my tryst with my investment decisions. In the 400+ posts on this blog you will find articles on Personal Financial Planning, Investments, Retirement Planning, Insurance, Loans, Fixed Deposits, Provident Funds, Stock Markets, Gold, Silver, Real Estate Investment, Credit Cards, Credit Score, Taxation, Inheritance Planning and Reviews on various Financial Products.
I have to sell one father's house and fund will come to my mother's name, 78 yrs old. I will purchase a new flat in city in name of my mother. Can I give joint name of myself or my wife with my mother while buying new flat ? Kindly guide me on this issue.
Thanx for detals...Kindly update with latest
Need updates as per latest Financial Bill pass by Parliament. also provides details of DTC
I own 2 houses in same city. Both are joint properties, in favour of me and my wife. Both of us are income tax payers. Myself a government official, while my wife is self employed. How will we get rebate in income tax on home loan principal and interest?
In case there is no share of property stated in any agreement, you can take it as 50% each and calculate taxes accordingly. You can read claim Tax Benefit on both HRA & Home Loan? for more info.
Nice post!
What is the limit for bank to deduct TDS on Interest income for FY 2019 20 senior citizens is interest income is 5.75 lakh will bank deduct TDS from Rs 1against from 15 H
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I have to sell one father's house and fund will come to my mother's name, 78 yrs old. I will purchase a new flat in city in name of my mother. Can I give joint name of myself or my wife with my mother while buying new flat ? Kindly guide me on this issue.
Thanx for detals...Kindly update with latest
Need updates as per latest Financial Bill pass by Parliament. also provides details of DTC
I own 2 houses in same city. Both are joint properties, in favour of me and my wife. Both of us are income tax payers. Myself a government official, while my wife is self employed. How will we get rebate in income tax on home loan principal and interest?
In case there is no share of property stated in any agreement, you can take it as 50% each and calculate taxes accordingly. You can read claim Tax Benefit on both HRA & Home Loan? for more info.
Nice post!
What is the limit for bank to deduct TDS on Interest income for FY 2019 20 senior citizens is interest income is 5.75 lakh will bank deduct TDS from Rs 1against from 15 H
yes
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Income tax slabs unchanged! Full tax rebate for taxpayers with taxable income up to Rs 5 lakh through Section 87A.
Just read a news article in NDTV (https://www.ndtv.com/business/budget-2019-calculate-income-tax-for-2020-21-with-examples-income-tax-changes-announced-on-feb-1-1987667) as per this article if an individual have taxable income of more that 5Lacs after all the deductions like , Standard, 80C, Home loan Interest, HRA. Then he is not entitled for the any benefit. How far is it true.
PLZZ MAIL THESE CHARTS AT chander_tarun@yahoo.co.in