Income tax slab 2019-20: Five key things you must know
- Tax Slab has not been changed for any citizen category in the Budget 2019-20. However, Rebate has been proposed that individual taxpayers having “taxable annual income up to Rs 5 lakhs” will get “full tax rebate”. Further, One having an annual income of Rs 6.5 lakh can also save income taxes.
- If one has invested Rs 1.5 lakh in prescribed savings schemes under Section 80C of the Income Tax Act such as Public Provident Fund (PPF), Equity-Linked Savings Scheme (ELSS), National Saving Certificates (NSC), insurance schemes, etc. it means if your income is 6.5 Lack and you have invested 1.5 Lacks so you are not supposed to pay any tax.
- One is also eligible to state income tax deductions from of up to Rs 2 lakh on interest home loans, National Pension Scheme (NPS) contributions, education loans, medical insurance, medical expenditure on senior citizens.
- It has been proposed to increase the standard deduction by Rs 10,000 to Rs 50,000 from the present Rs 40,000.
- Apart from this it has been proposed to exempt the income tax payable on notional rent on the second self-occupied house.
Contact Number for Income Tax Services in India
Income tax slab 2019-20 is same as per FY 17-18 so far. You can reach us for any kind of Income Tax related concerns. Our experts would help you to understand all Income Tax related concerns. You can write us on email@example.com for File Online Income Tax Return in India or you may call at 9719586772.