Income Tax Slab 2019-20: Know what was your budget decisions related to earning
After all, the government broke the tradition. In the interim budget, some of these announcements have been made which create confusion once and for all; it is not a complete budget.
Interim Finance Minister Piyush Goyal once again went ahead with his achievement on Direct Tax during the budget speech. Then it seemed that there is nothing in the government's pitches for the middle class. But at the end, Piyush Goyal again raised the issue of direct tax and began to declare.
What is the discount?
Piyush Goyal has not made any changes to the income tax slab. However under the 87 (A) government the government has decided to give rebate. This means that if someone's taxable income is up to Rs 5 lakhs, he will not have to pay any tax. That is, if your total taxable income is Rs 6 lakh and you have invested Rs 1 lakh in 80 C, then no tax will be required on the remaining 5 lakh taxable income remaining.
Although, if your taxable income is more than Rs. 5 lakhs then this tax slab is like last year. Apart from this, the government has also increased standard deduction from Rs 40,000 to Rs 50,000. Listening to the budget, it was realized that Lok Sabha elections are going to take place in the next few months.
Tax free interest
The government has also given relief in the interest received from post office and bank FD. Now the TDS will not be deducted from the post office and bank interest upto Rs 40,000. Although the amount of interest will be added to your taxable income and it will be taxed on it. However, in the Savings Account, the interest up to Rs 10,000 is tax-free as before.
What is the discount on rent?
Piyush Goyal has also given exemption on earnings from the rent. Earlier, TDS did not think of earning up to Rs 1.80 lakh. Now the limit has been increased to 2.40 lakh rupees. Also another rebate has been given. So far if you have two houses. One is renting and the other is empty. Even at the empty house at the nominal amount one amount was added to your taxable income. But now it will not happen. Now if you do these shows that your house is empty then it will be considered empty.
Advantage in gratuity
This budget has brought a special relief to those employed. Gratuity amounts have also been increased with income tax deduction. The government has increased the amount of tax free gratuity by Rs 10 lakh to Rs 20 lakh to Rs 30 lakh. That is, no tax will be given on the gratuity upto Rs 30 lakhs now.
Discount in Capital Gain Tax
Capital gains tax on sale of property under Section 54 of Income Tax has been changed. Earlier, selling a house or land, it was exempted from capital gains tax for buying a second house within a set time. Now, if you buy one property and buy two houses then this discount
Interim Finance Minister Piyush Goyal once again went ahead with his achievement on Direct Tax during the budget speech. Then it seemed that there is nothing in the government's pitches for the middle class. But at the end, Piyush Goyal again raised the issue of direct tax and began to declare.
What is the discount?
Piyush Goyal has not made any changes to the income tax slab. However under the 87 (A) government the government has decided to give rebate. This means that if someone's taxable income is up to Rs 5 lakhs, he will not have to pay any tax. That is, if your total taxable income is Rs 6 lakh and you have invested Rs 1 lakh in 80 C, then no tax will be required on the remaining 5 lakh taxable income remaining.
Although, if your taxable income is more than Rs. 5 lakhs then this tax slab is like last year. Apart from this, the government has also increased standard deduction from Rs 40,000 to Rs 50,000. Listening to the budget, it was realized that Lok Sabha elections are going to take place in the next few months.
Tax free interest
The government has also given relief in the interest received from post office and bank FD. Now the TDS will not be deducted from the post office and bank interest upto Rs 40,000. Although the amount of interest will be added to your taxable income and it will be taxed on it. However, in the Savings Account, the interest up to Rs 10,000 is tax-free as before.
What is the discount on rent?
Piyush Goyal has also given exemption on earnings from the rent. Earlier, TDS did not think of earning up to Rs 1.80 lakh. Now the limit has been increased to 2.40 lakh rupees. Also another rebate has been given. So far if you have two houses. One is renting and the other is empty. Even at the empty house at the nominal amount one amount was added to your taxable income. But now it will not happen. Now if you do these shows that your house is empty then it will be considered empty.
Advantage in gratuity
This budget has brought a special relief to those employed. Gratuity amounts have also been increased with income tax deduction. The government has increased the amount of tax free gratuity by Rs 10 lakh to Rs 20 lakh to Rs 30 lakh. That is, no tax will be given on the gratuity upto Rs 30 lakhs now.
Discount in Capital Gain Tax
Capital gains tax on sale of property under Section 54 of Income Tax has been changed. Earlier, selling a house or land, it was exempted from capital gains tax for buying a second house within a set time. Now, if you buy one property and buy two houses then this discount
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