" IRS OFFICERS PROMOTED FROM THE GRADE OF SUPERINTENDENT OF CENTRAL EXCISE ARE ALSO MEMBERS OF AIACEGEO. THIS IS THE ONLY ASSOCIATION FOR SUPERINTENDENTS OF CENTRAL EXCISE AND IRS OFFICERS PROMOTED FROM THE GRADE OF SUPERINTENDENT OF CENTRAL EXCISE THROUGH OUT THE COUNTRY . President Mr.T.Dass and SG Mr. Harpal Singh.

Thursday, 21 November 2019

Income Tax Slabs and Tax Rate for Assessment Year 2020-2021

Income Tax Slabs and Tax Rate for Financial Year 2019-2020 (Assessment Year 2020-2021)

Income Tax Rate for Financial Year 2019-2020 for Salaried Employees and Officers Working under Government Services

Deduction as per Income Tax Rules

As per the Income Tax rules, no tax for the annual earning less than Rs. 2,50,000. All Central Government employees need to file Income Tax Return (ITR) on their income (as on date, the minimum salary of CG employees will be Rs. 23,553) for the Assessment Year 2020-2021.
No rebate of Income Tax u/s 87A, if taxable income marginally exceeds the limit of Rs. 5 Lakh
Income Tax recoveries are to be regulated in respect of every Central Govt employee in the ensuing months by deduction through their pay bills for the month of November 2019 to February 2020.
Income Tax SlabsIT Tax Rates
Income Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 5% of the amount by which the total income exceeds Rs. 2,50,000 further subject to rebate under section 87A where applicable.
Rs. 5,00,001 to Rs. 10,00,000Rs. 12,500 plus 20% of the amount by which the total income exceeds Rs. 5,00,000.
Income above Rs. 10,00,000Rs. 1,12,500 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.
Surcharge: Nil up to the income of Rs. 50 lakhs (10% of IT in case of income above 50 lakhs and 15% of IT in case of income above 1 Crore)
Health and Education Cess: 4% of Income Tax
Standard Deduction: Standard Deduction u/s 16 (ia) is enhanced to Rs.50,000/- for the Financial Year 2019-20. The benefit of increased standard deduction shall be available to salaried persons and pensioners.
Amendment in rebate u/s 87A: Rebate of Income Tax u/s 87A in case of certain individual where net taxable income is upto Rs.5 Lac (previous year Rs.3.5 Lac), there will be no income tax for the FY 2019-20. Further, if taxable income marginally exceeds the limit of Rs. 5 Lakh, there will be no rebate of Income Tax under this section.
Income from House Property: There is amendment in Sections 23 where tax payer is allowed to opt two house as self-occupied house (earlier it was allowed for only one house) and remaining house(s), if any has to be shown as let out. u/s 24, the tax payer, can now claim interest for both the house. However, the aggregate monetary limit of the deduction would remain the same i.e. Rs.2,00.000/-
Top Latest Developments on Income Tax Rule
No Need to Submit Additional Documents for PAN Card, Aadhaar is sufficient to apply September 12, 2019
Income Tax Due Date Extended to all Taxpayers from July to August 2019 July 24, 2019
NC Staff Side Demand on exemption from payment of income tax to Pensioners July 18, 2019
Union Budget 2020 – No change in Income Tax Slab July 5, 2019
Children Education Allowance Income Tax Online Tool for CG Employees June 8, 2019
Union Budget for 2019-20 on 5th July 2019 June 1, 2019
CBDT Notification 2019 – Important Amendment in Form 16 April 22, 2019
IT Returns Cannot be filed without Quoting Aadhaar – CBDT April 4, 2019
Income upto Rs 5 Lakh to Get Full Tax Rebate February 1, 2019
Rates of Income Tax for FY 2019-20 – Finance Bill 2019 February 1, 2019
Highlights Of Interim Budget 2019-20 February 1, 2019
Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh February 1, 2019
Income Tax Circular 2019 – TDS on Income from Pension January 12, 2019
Income Tax Circular 2019 – Tax Deduction from Salaries with Illustrations January 12, 2019
Income Tax Circular 2019 – Income Tax Rates AY 2019-20 January 12, 2019