Is upto 5 lakh nil tax ?
Surajit Mondal (94 Points)
03 February 2020
Is income upto 5 lakh tax free in the financial year 2020-21
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 03 February 2020
May be Yes...
(Note : Budget related details will be just based on budget. It's confirm after passing GO/Notifications/Orders...
(Note : Budget related details will be just based on budget. It's confirm after passing GO/Notifications/Orders...
Roshni
(Studwnt)
(1141 Points)
Replied 03 February 2020
It is nil provided you have your income upto 5 lakhs...if not then rebate u/s87a is not available and therefore upto 2.5 lakh will be nil.
Kapadia Pravin
(17259 Points)
Replied 04 February 2020
Under old tax regime, nil tax if income below or upto 5 lakhs. (considering rebate under 87A)
Under new tax regime tax is 5% between 250001/- to 500000/-
Under new tax regime tax is 5% between 250001/- to 500000/-
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