INSUBCONTINENT EXCLUSIVE:
Income tax slabs for assessment year 2020-21: The government maintained status quo on tax ratesThe Finance Bill 2019 proposes a full tax
rebate on annual personal income up to Rs 5 lakh
This rebate is applicable only if taxable income (after available income tax deductions) stands below Rs 5 lakh in a year, say financial
The government however maintained status quo on income tax slabs
This translates into an income tax rebate of Rs 12,500 for individuals with an annual income of Rs 5 lakh, which the tax liability for such
middle class" as government preps for polls)The government also proposed to raise the standard deduction limit by 25 per cent to Rs 50,000
This means that in Assessment Year 2020-21, a fixed deduction of Rs 50,000 in taxable income will be applicable to employees and
pensioners.With the latest income tax changes, the government has said, even individuals with a gross income of Rs 6.5 lakh and above may
not be required to pay any income tax if they make use of available tax deductions.
