Income Tax Deductions For Ay 2020 21

These deductions and exemptions include the following.

Income tax deductions for ay 2020 21. Save income tax easily by learning about income tax slabs and investment options make your earnings fall into a lower tax bracket. Income tax slabs for fy 2019 20 ay 2020 21. Thereafter under the old income tax slabs applicable for fy 2019 2020 ay 2020 21 and optional for fy 2020 21 ay 2021 22 there are various deductions and exemptions which are available to senior citizens to lower their tax liability. Health insurance senior citizens.

If however tds is deposited in a subsequent year it will be deducted in that year. Know everything about income tax slab rates deductions for fy financial year 2019 20 and ay annual year 2020 21. Suppose your total income in fy 2020 21 is rs 16 lakh. In budget 2018 it has been proposed to raise the maximum tax deduction limit for senior citizens under section 80d of the indian income tax act 1961.

Tax is deductible but not deducted but payee has furnished his return of income after taking into account said income and paid tax thereon. Law applicable from the assessment year 2020 21. Further during the year your employer has contributed rs 60 000 to your nps account which is eligible for deduction under section 80ccd 2. Latest income tax slab rates fy 2020 21 ay 2021 22.

The limit of tax deduction allowed for fy 2017 18 for senior citizens was rs. 12500 for total income upto rs. Expenditure is not deductible. The most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 2019 20 ay 2020 21 many of you may be aware that investments can help you save tax but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as.

Tax rebate maximum upto rs. Education health cess of 4. Deduction under section 80c maximum deduction allowed rs 1 5 lac 1. 30 000 which was increased to rs 50 000 from fy 2018 19 ay 2019 20 onwards.

This gives the aggregate gross total income. For the fy 2019 20 i e ay 2020 21 you need to invest in the specified options under section 80c between 1st april 2019 to 31st march 2020. For the purpose of assessing and deduction of income tax for the fy 2020 21 ay 2021 2022 all the officers and staff are requested to submit a self declaration stating the module of tax deduction chosen.