Income Tax Deductions 2020 India

The central board of direct taxes has notified the income tax return forms for the financial year ended march 31 2020 assessment year 2020 21.

Income tax deductions 2020 india. Use the simple monthly tax calculator or switch to the advanced monthly tax calculator to review nis payments and income tax deductions for. 5 00 000 quantum of rebate shall be an amount equal to hundred per cent of such income tax or an amount of rs. Read of income tax sections like section 80c 80ccd and other. However i tried to cover all the important deductions available.

Further during the year your employer has contributed rs 60 000 to your nps account which is eligible for deduction under section 80ccd 2. You can calculate your monthly take home pay based of your monthly gross income education tax nis and income tax for 2020 21. Income tax deductions under new tax regime fy 2020 21. 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.

Know about income tax deduction and exemptions in india. Under the income tax act 1961 the percentage of income payable as tax is based on the amount of income you ve earned during a year. The indian monthly tax calculator is updated for the 2020 21 assessment year. Paying income tax is a duty of every indian citizen.

Conclusion the above list of income tax deductions fy 2020 21 under new old tax regime may not be full. Income tax exemption for fy 2019 2020. The income tax provisions in the union budget 2020 have given taxpayers a bonanza with a caveat. Income tax brackets in india for fy 2020 21 ay 2021 22 updated on november 15 2020 11028 views.

Find the new income tax slabs rates 2020 21 in india. Hope this may be helpful for you all. Under the new tax regime in union budget 2020 pay taxes at lower rates without claiming deductions under various sections. Refer our latest posts.

The rebate is the 100 of income tax on such income or rs 12 500 whichever is less. While the income tax slabs have been overhauled with reduced rates the majority of the deductions have been removed. Suppose your total income in fy 2020 21 is rs 16 lakh.