What is the tax slab for 2018 19?
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What is the tax slab for 2018 19?
INCOME SLAB AND TAX RATES FOR F.Y. 2018-19/A.Y. 2019-20
| Taxable income | Tax Rate |
|---|---|
| Up to Rs. 2,50,000 | 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\% |
What is the tax slab for employees?
Income Tax Slabs & Rates 2020-2021
| Income Tax Slab | Tax rates as per new regime |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹ 5,00,000 | 5\% |
| ₹5,00,001 – ₹ 7,50,000 | ₹12500 + 10\% of total income exceeding ₹5,00,000 |
| ₹7,50,001 – ₹ 10,00,000 | ₹37500 + 15\% of total income exceeding ₹7,50,000 |
Does FY 2018/19 have standard deduction?
Standard Deduction – Union Budget 2018 The Finance Minister Jaitley introduced Standard Deduction of Rs. 40,000 in Budget 2018, giving the salaried class something to rejoice about. It replaced the transport allowance Rs. 19200 and medical reimbursement of Rs.
What is the tax slab for females?
Income Tax Slab for Women (below 60 years of age) – FY 2019-20
| Income Tax Slabs | Rate of Tax |
|---|---|
| For income up to ₹2.5 Lakh | Nil |
| For income ranging between ₹2,50,001 and ₹5 Lakh | 5\% of the total income above ₹2,50,000 |
| For income ranging between ₹5,00,001 and ₹10 Lakh | ₹12,500+ 20\% of the total income above ₹5 Lakh |
What is the income tax slab for ladies?
What are the income tax slabs for AY 2020 21?
New Income Tax Slab for FY 2020-21 & AY 2021-22
| Annual Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Rs.7.5 lakh – Rs.10 lakh | 15\% | 20\% |
| Rs.10 lakh – Rs.12.5 lakh | 20\% | 30\% |
| Rs.12.5 lakh – Rs.15 lakh | 25\% | 30\% |
| Above Rs.15 lakh | 30\% | 30\% |
What is the tax deductions for 2020?
The standard deduction increased to $12,400 in for 2020, up $200 for single taxpayers and married individuals filing separately. For heads of households, the standard deduction will be $18,650 for tax year 2020, an increase of $300.
How much is exemption under 80C?
Section 80C provides deductions on various investments up to ₹ 1.5 lakh per year from your taxable income. Whereas Section 80CCC provides a deduction of up to ₹ 1.5 lakh per annum for the contribution made by an individual towards specified pension funds.
What is RPF in income tax?
Additionally, the amount allowed as a deduction on contributing to the provident fund is dealt in section 80C of the Income Tax Act. The types of provident funds are: Recognised Provident Fund (RPF) as recognised by Commissioner of Income Tax under EPF and Miscellaneous Provision Act, 1952.
What is the income tax slab for ladies 2021 22?
Tax Slabs for AY 2021-22
| Existing Tax Regime | New Tax Regime u/s 115BAC | |
|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Rate |
| Up to ₹ 2,50,000 | Nil | Nil |
| ₹ 2,50,001 – ₹ 5,00,000 | 5\% above ₹ 2,50,000 | 5\% above ₹ 2,50,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 12,500 + 20\% above ₹ 5,00,000 | ₹ 12,500 + 10\% above ₹ 5,00,000 |