- What is the standard deduction for FY 2020 21?
- What is the new tax slab for 2019 20?
- What is the income tax slab for AY 2020 21?
- Is the new tax slab better?
- What is the 80c limit for 2020 21?
- Which is better income tax slabs?
- How is tax calculated on salary?
- Is income upto 5 lakhs tax free?
- Can I deposit 5 lakhs in my account?
- What is the tax on 5 lakhs?
- What income is tax free?

## What is the standard deduction for FY 2020 21?

Therefore, the taxpayer can claim a standard deduction of Rs.

40,000* or the amount of pension, whichever is less.

*Increased to Rs 50,000 for FY 2019-2020(AY 2020-21) through the Interim Budget 2019..

## What is the new tax slab for 2019 20?

Tax Rates for Individuals as per budget 2019-2020Income Tax Slab (in Rupees)Tax Rate for Individual Below the Age Of 60 Years0 to 2,50,000*Nil2,50,001 to 5,00,0005% of total income exceeding 2,50,0005,00,001 to 10,00,000Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,0001 more row•Dec 11, 2019

## What is the income tax slab for AY 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs. 5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs15%Rs 10.00 lakhs – Rs. 12.50 Lakhs20%Rs. 12.5 lakhs- Rs. 15.00 Lakhs25%4 more rows•Dec 17, 2020

## Is the new tax slab better?

One, in the new regime, the tax slabs have increased, accompanied by lowering of rates in the sub-Rs 15 lakh range. … As you can see under the new system, income between Rs 5 lakh and 7.5 lakh would be taxed at 10 percent, while income between Rs 7.5 lakh to Rs 10 lakh would be taxed at 15 percent.

## What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

## Which is better income tax slabs?

Income-tax rates under the new tax regime v/s the old tax regimeIncome slabs (Rs)Tax Rate(Old Regime)Tax Rate(New Regime – devoid of exemptions & deductions)2.5-5 lakh5%5%5-7.5 lakh20%10%7.5-10 lakh20%15%10-12.5 lakh30%20%3 more rows•Feb 7, 2020

## How is tax calculated on salary?

How to use the Income tax calculator for FY 2020-21 (AY 2021-22)?Choose the financial year for which you want your taxes to be calculated.Select your age accordingly. … Click on ‘Go to Next Step’Enter your taxable salary i.e. salary after deducting various exemptions such as HRA, LTA, standard deduction, and so on. (More items…

## Is income upto 5 lakhs tax free?

Abhishek Soni, CEO, tax2win.in, a tax-filing firm says, “As per the proposals of Budget 2019, there will be no tax liability if your taxable income is Rs. 5 lakh or less. However, ITR filing is still mandatory if your income exceeds the basic exemption limit of Rs. 2.5 Lakh (if age is below 60).”

## Can I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

## What is the tax on 5 lakhs?

SynopsisIncomeTax liabilityUp to Rs 2.5 lakh0Between Rs 2.5 lakh and Rs 5 lakh5% of Rs 2.5 lakh = Rs 12,500Income above Rs 5 lakh (Rs 10,000)20% of Rs 10,000 = Rs 2000Total tax liabilityRs 14,5001 more row•Feb 28, 2020

## What income is tax free?

The tax-free threshold is $18,200. If you’re an Australian resident for tax purposes, the first $18,200 of your yearly income isn’t taxed. You can claim the tax-free threshold to reduce the amount of tax that is withheld from your pay during the year.