Income Tax Return for Assessment Year 19-20- last date filing is 31^st July 2019

Who requires filing Income Tax Return?

The citizens of India are required towards filing an income tax return every year if they have a taxable income. The taxpayers, whose income is of more than Rs.2.5 Lakh, will receive a tax rebate. The Assessment year 2019-20 following the financial year 2018-19 for salaried people is stated below.

The changes made in the Income Tax Slab for the FY 2018-2019

The Income Tax Slab for the FY 2018-19 and AY 2019-20 is-

• No tax on income up to Rs. 5 Lakh.
• The exemption is given to the taxpayers whose net income is Rs. 5 Lakh was given full tax rebate presented under Sector 80 87A of the Income Tax Act, 1961.  
• Standard Deduction was increased from Rs. 40,000 to Rs.50, 000 for salaried taxpayers.
• TDS threshold on rental income rose to Rs. 2.4 Lakh from Rs.1.8 lakh.
• The exemption from the income tax on national rent for unsold properties was rose to 2 years from 1 year
• TDS threshold on interest earned from bank and post office deposits rose to Rs. 40,000 annually.         

We at eStartIndia provide meticulous assistance to the clients incorrectly filing the Income Tax Return forms as per the rules of the Government of India.

Last due for filing Income Tax Return

The due date for filing the Income Tax Return for salaried people in India is 31^st July.

We at eStartIndia will assist our clients regarding all the necessary documents required and the procedure for filing the Income Tax Return.

Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20, for individuals below 60 years of age

Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20 for individuals between 60 years and 80 years of age

Income Tax slab for the Financial Year 2018-2019 and Assessment Year 2019-20 for individuals above 80 years of age and above

The exemption for non-resident individuals (NRI)

For the non-resident individuals (NRI), the exemption limit for them is of Rs 2.5 Lakh in a financial year r Surcharge and Cess regardless of their age.

Surcharge and Cess for Income Tax Payer
Along with the amount of Income Tax calculated based on the above-mentioned tax slab, the taxpayers are liable to pay Surcharge and Cess.

• If the net income exceeds Rs.50 Lakh up to Rs.1 Crore, a surcharge of 10% of income tax is charged.
• If the net income exceeds Rs.1 Crore, a surcharge of 15% of income tax is charged.
• Health and Education Cess: 4% of Income Tax, which is introduced in the 2018 budget.

As per Section 87(A), the taxpayer in India could also avail 100% rebate subjected to maximum of Rs. 2,500 to the individual whose total income does not surpass Rs. 3.5 Lakh.

The new tax calculator for Financial Year 2019-20 [Assessment Year 2020-21]

The Standard Deduction from taxable income for a salaried individual is raised from Rs. 40,000 to Rs. 50,000.

The rebate as per section 87A has risen from Rs 2500 to Rs. 12500 up to the earning of Rs. 5 Lakh, henceforth a the taxpayer with annual income up to Rs. 5 Lakh will get the full rebate in tax.

Few key important features of the Income Tax calculator are;

• Useful for the salaried taxpayers of government and a private company, with every head of Salary which also includes agricultural income.
• Private company employees could use to perform their Flexi allocation as well as tax planning.
• The calculation of tax and rebate of agricultural earning to arrive at the annual tax liability.
• Marginal rebate on surcharges where the total income exceeds Rs. 50 Lakh and Rs. 1Crore.
• Individual Form 16 Part B generation, are helpful for the small size companies.
• Automated HRA exemption /Section 80GG deduction calculation is dependent on the income and lease payments.
• Validating the limits Chapter VI a deduction, Housing loan interest set off, and additional surcharge impacts.

Income tax Slabs and Rates for Financial Year 2019- 20, Assessment Year 2020-21

Surcharge and cess for income Rs 50 Lakh or above

• A surcharge of 10% is levied on income tax if the total income is between Rs 50 Lakh and Rs 1 Crore.
• A surcharge of 15% is levied on income tax if the total income is over and above Rs 1 Crore.

eStartIndia operating in India provide professional tech-based online and legal services to our customer at an affordable cost. eStartIndia helps the clients to simplify the procedures in order to start a business, file tax returns online or any business related services. We are dedicated to providing quality service to clients in solving legal compliance related to running their business in India.

Author:

eStartIndia Team