Income Tax Deductions 2020 21
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Financial year 2020 21 brings to us the new income tax regime which was announced by the finance minister in budget 2020 for those taxpayers who are fine in foregoing all the available exemptions and deductions and pay tax with simple calculations.
Income tax deductions 2020 21. Tax rebate up to rs 12 500 is retained u s 87a for individuals with taxable income up to rs 5 00 000 per annum. Individuals opting to pay tax under the new proposed lower personal income tax regime will have to forgo almost all tax breaks that you have been claiming in the old tax structure. The employer is liable to deduct the tds from the salaries of their employees according to the tax regime opted by the employee. Income tax deductions under new tax regime fy 2020 21.
2021 22 with automated income tax preparation excel based all in one for govt and non govt employees for f y 2020 21 old tax regime and new tax regime u s 115bac budget 2020. This chart of deductions slab rates will help you to plan your income investments and help you to minimize your tax for ay 2020 21. You can claim income tax exemption for conveyance travel and other allowances given by your employers under the new tax regime as well. Though the new regime may look simple but choosing between the old and new is a bit complicated task.
Learn about the various deductions available under income tax act for fy 2020 21 and ay 2021 22. Income tax slab deductions for fy 2020 21. Deductions include deduction against salaries against income from house properties against profits and gains of business or profession against capital gains and against income from other sources. From the fy 2020 21 onwards the assesses can opt new tax regime as per section 115bac or continue in the existing tax regime.
2019 20 and subsequent years. Section 80ccc provides a deduction to an individual for any amount paid or deposited in any annuity plan of lic or any other insurer. Cleartax india income tax deductions f y. Let us see the complete list of income tax deductions fy 2020 21 under both old or new tax regime.
Deduction for premium paid for annuity plan of lic or other insurer. Let us now discuss the list of income tax deductions fy 2020 21 under the old tax regime. The income tax implication remains unchanged under the old tax regime for the financial year 2020 2021. Section 80ccc insurance premium.
Thereby implying individuals with income up to rs 5 lacs will have zero tax liability for the financial year 2020 21 assessment year 2021 2022. Tax planning is an important part of financial planning. Article contains list of all popular deductions with latest limits applicable to coming income tax return filling season i e for ay 2020 21.
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