What is the income tax slab for 2016 17?

Particulars Slab rates
Up to Rs.2,50,000 Nil
2,50,001 – 5,00,000 10%
5,00,001 – 10,00,000 20%
10,00,001 and above 30%

What is the slab rate for AY 2017 18?

Upto Rs.2,50,000 NIL
Rs. 2,50,000 to 5,00,000 10% of the amount exceeding Rs. 2,50,000 Less: Tax Credit – 100% of income-tax or Rs. 5,000/-, whichever is less *.
Rs. 5,00,000 to 10,00,000 Rs. 25,000 + 20% of the amount exceeding Rs. 5,00,000

What is the previous year for the assessment year 2017 18?

3. AY and FY for recent years

Period Financial Year Assessment Year
1 April 2019 to 31 March 2020 2019-20 2020-21
1 April 2018 to 31 March 2019 2018-19 2019-20
1 April 2017 to 31 March 2018 2017-18 2018-19
1 April 2016 to 31 March 2017 2016-17 2017-18
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What is the income tax slab for AY 2020-21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.

Income Tax Slab New Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)
Rs 0.0 – Rs 2.5 Lakhs NIL
Rs 2.5 lakhs- Rs 3.00 Lakhs 5% (tax rebate u/s 87a is available)
Rs. 3.00 lakhs – Rs 5.00 Lakhs
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%

What is the tax slab for 2019 2020?

Tax Rates for Individuals as per budget 2019-2020

Income Tax Slab (in Rupees) Tax Rate for Individual Below the Age Of 60 Years
0 to 2,50,000* Nil
2,50,001 to 5,00,000 5% of total income exceeding 2,50,000
5,00,001 to 10,00,000 Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,000

How is US rebate 87A calculated?

To calculate rebate under section 87A, calculate your gross income and subtract the available deductions under Sections 80C to 80U. Now, if your net taxable income is less than Rs. 5 lakhs, you are eligible for the rebate upto Rs 12500 on the tax payable before health and education Cess.

What is the tax slab for zero tax rate in the Budget 2017?

However, a tax saving for all is proposed by reducing the rate of tax from 10% to 5% for the income slab of Rs 250,000 to Rs 500,000. So for income up to Rs 300,000, no tax payable. Simplification of tax return forms for income up to Rs 500,000 provided no business income.

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What is the difference between previous year and financial year?

“Previous Year” is defined in Section 3 of the Income-tax Act, 1961 to mean the financial year immediately preceding the assessment year. Previous Year is same as Financial Year. The previous year is used in tax terminology whereas a financial year is used in other economic matters.

What is the difference between previous year and assessment year?

Previous Year is the financial year, in which the assessee earns income. Assessment Year is the financial year, in which the income of the assessee earned during the previous year is evaluated and taxed.

What is previous year example?

The year in which income is earned is known as the previous year. … For Instance, for the salary income earned from 1 April 2017 – 31st March 2018 . The previous year would be 2017-18. All the assessee’s are required to follow the financial year( April 1 to March 31) as previous year for all types of incomes.

What is the 80C limit for 2020-21?

Income Tax Deductions in India

Sections Income Tax Deduction for FY 2019-20 (AY 2020-21) Limit for FY 2019-20 (AY 2020-21)
Section 80C Investing into very common and popular investment options like LIC, PPF, Sukanya Samriddhi Account, Mutual Funds, FD etc Upto Rs 1,50,000
Section 80CCC Investment in Pension Funds

What is the rebate u/s 87A for AY 2020-21?

Rebate limit under section 87A for all the Financial years

Financial Year Limit on Total Taxable Income Amount of rebate allowed u/s 87A
2020-21 Rs. 5,00,000 Rs. 12,500
2019-20 Rs. 5,00,000 Rs. 12,500
2018-19 Rs. 3,50,000 Rs. 2,500
2017-18 Rs. 3,50,000 Rs. 2,500
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What is the standard deduction for AY 2020-21?

Slabs have remained unchanged for FY 2019-20 and AY 2020-21 for all citizens (including Senior Citizens). Standard Deduction for salaried taxpayers has been increased from Rs. 40,000 to Rs. 50,000.

Which income tax slab is better Old or new?

Under the new tax regime tax is payable at lower slab rates on the income up to Rs. 15 lakh as compared to old regime. Under the new regime tax slabs rates of 5%, 10%, 15%, 20% and 25% are applicable on each successive increase of Rs. 2.50 lakh starting from the basic exemption of Rs.

How do you calculate income tax for the financial year 2020-21?

Therefore, your net taxable income will be Rs 15, 40,000 (Rs 16 lakh minus Rs 60,000). The income tax liability in the new tax regime will be calculated on Rs 15.40 lakh.

S. No. Income slabs Income tax rate (%)
1 Up to Rs 2.5 lakh Nil
2 Between Rs 2,50,001 and Rs 5 lakh 5%
3 Between Rs 5,00,001 and Rs 7.5 lakh 10%

What is upto 5 lakhs tax?

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Old Tax Regime New Tax Regime
Up to Rs. 2.5 lakh Nil Up to Rs. 2.5 lakh
Rs. 2,50,001 – 5 lakh 5% Rs. 2,50,001 – 5 lakh
Rs. 5,00,001 – 10 lakh 20% Rs. 5,00,001 – 7.5 lakh
Rs. 7,50,001 – 10 lakh
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