29 November 2019
Up to Rs.250000 - Nil Rs.2,50,001 to Rs.5,00,000 - 5% Rs.5,00,001 to Rs.10,00,000 - 20% Above Rs,10,00,000 - 30% Cess @ 4% Standard deduction is Rs.50,000
30 November 2019
thank you sir for your kind reply But In this year budget it is declared that taxable income upto Rs.500000/- there is no tax. Is that applicable for F Y 2019-20 or not
30 November 2019
Yes. If taxable income up to Rs.5,00,000/- the tax would be Rs.12,500/- ( 250000x 5/100) . But rebate of income tax is allowed up to taxable income up to Rs.5,00,000/- that is Rs.12,500/-. Hence tax payable is nil ( Payable minus rebate).
CAclubindia
