The Income Tax Slab Rates remain unchanged for the Financial Year 2019-2020 (Assessment Year 2020-2021). Income Tax Deductions and Exemption is available for the Individuals to minimize the Tax Implications. However, rebate under section 87A is increased to Rs 12,500. Thus, Individuals with Taxable Income up to Rs 5,00,000/- are exempted from paying tax.
Income Tax Deductions U/S 80C
Income Tax Deduction and Exemption is available to the Individuals under Section 80C, 80CCD, 80CCC up to the extent of Rs 1,50,000/-.
Income Tax Deductions U/S 80 CCD (1b)
Additional deduction of Rs 50,000 is available on investment in National Pension Scheme and Atal Pension Yojana, up and over the limit under 80C.
Income Tax Deductions U/S 80D
Payment of Health Insurance Premium is also available for deduction up to Rs 25,000/-. The benefit goes up to Rs 50,000/- for Senior Citizens.
Further Deductions is also available under section 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 24(b), 80TTA/B, 80U. Details of the same is available on the Wealthtech Speaks Blog. Kindly visit the site for complete details.
Income Tax Deductions U/S 80C
Income Tax Deduction and Exemption is available to the Individuals under Section 80C, 80CCD, 80CCC up to the extent of Rs 1,50,000/-.
Income Tax Deductions U/S 80 CCD (1b)
Additional deduction of Rs 50,000 is available on investment in National Pension Scheme and Atal Pension Yojana, up and over the limit under 80C.
Income Tax Deductions U/S 80D
Payment of Health Insurance Premium is also available for deduction up to Rs 25,000/-. The benefit goes up to Rs 50,000/- for Senior Citizens.
Further Deductions is also available under section 80DD, 80DDB, 80E, 80EE, 80G, 80GG, 24(b), 80TTA/B, 80U. Details of the same is available on the Wealthtech Speaks Blog. Kindly visit the site for complete details.
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