Income Tax Calculator FY-2019-20 (AY-2020-21) With Old Vs New Tax Slab
Budget 2019 has made some changes to Income tax for the individual – the highlight being full tax rebate for individuals earning below Rs 5 Lakhs. There have been no changes in the income tax slab. We highlight the changes and give you the new income tax India calculation for FY 2019-20 [AY 2020-21]. 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) Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000 Increased Tax for the super-rich: Surcharge increased to 25% for income between 2 to 5 crore & to 37% for income beyond Rs 5 crores Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEA on home loans on purchase of the affordable home Additional Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on purchase of Electric vehicles No Tax on Notional Rental Income from Second House Capital gains exemption on reinvestment in two