Is There Any Standard Deduction For FY 2019 20?

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

Suppose your total income in FY 2020-21 is Rs 16 lakh.

Further, during the year, your employer has contributed Rs 60,000 to your NPS account, which is eligible for deduction under section 80CCD (2).

Therefore, your net taxable income will be Rs 15, 40,000 (Rs 16 lakh minus Rs 60,000)..

Who is not eligible for standard deduction?

Not Eligible for the Standard Deduction An individual who was a nonresident alien or dual status alien during the year (see below for certain exceptions) An individual who files a return for a period of less than 12 months due to a change in his or her annual accounting period.

Is there any standard deduction for FY 2020 21?

Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less. *Increased to Rs 50,000 for FY 2019-2020(AY 2020-21) through the Interim Budget 2019.

Is standard deduction applicable to all?

Standard Deduction from Salary 40,000 has been introduced in Budget 2018 and is applicable for Financial Year 2018-19. From Financial Year 2019-20 onwards, this standard deduction has been increased to Rs. … This deduction is allowed irrespective of the actual expense incurred by the employee.

What is the new income tax slab for 2020 21?

Income tax slab rate applicable for New Tax regime – FY 2020-21.Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF)Rs 0.0 – Rs 2.5 LakhsNILRs 2.5 lakhs- Rs 3.00 Lakhs5% (tax rebate u/s 87a is available)Rs. 3.00 lakhs – Rs 5.00 LakhsRs. 5.00 lakhs- Rs 7.5 Lakhs10%4 more rows•4 days ago

What is the MAT rate for AY 2020 21?

How to calculate MAT? MAT is equal to 18.5% (15% from AY 2020-21) of Book profits (Plus Surcharge and cess as applicable).

What is current standard deduction?

2020 Standard Deduction AmountsFiling Status2020 Standard DeductionSingle; Married Filing Separately$12,400Married Filing Jointly$24,800Head of Household$18,650Oct 27, 2020

What are the exemptions for income tax 2020?

​New income tax slabs and rates What’s out: Here are a few of the 70 exemptions and deductions you won’t see in the new regime- Section 80C investments, house rent allowance, home loan interest, leave travel allowance, medical insurance premium, standard deduction, savings account interest, education loan interest.

What deductions are allowed on 2019 taxes?

20 popular tax deductions and tax credits for individualsStudent loan interest deduction. … American Opportunity Tax Credit. … Lifetime Learning Credit. … Child and dependent care tax credit. … Child tax credit. … Adoption credit. … Earned Income Tax Credit. … Charitable donations deduction.More items…

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Who can use standard deduction?

All tax filers can claim this deduction unless they choose to itemize their deductions. For the 2020 tax year, the standard deduction is $12,400 for single filers and $24,800 for joint filers. Filers who have a head of household status get a deduction of $18,650.

What is the new income tax slab for 2019 20?

⭐ What are the Income Tax slab rates for AY 2019-20?IncomeTaxUp to Rs 2,50,000No taxRs 2,50,000 to Rs 5,00,0005% on income more than Rs 2.5 lakh subject to a maximum of Rs 12,500Rs 500,000 to Rs 10,00, 00020% on income exceeding Rs 500,000 subject to a maximum of Rs 1 lakh plus Rs 12,5001 more row•Dec 11, 2019

How can I save tax on 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

What is 80c in income tax 2020 21?

Income Tax Deductions under New Tax Regime FY 2020-21 The most commonly claimed deductions under section 80C will go. Section 80C deductions claimed for provident fund contributions, life insurance premium, school tuition fee for children and various specified investments such as ELSS, NPS, PPF can not be availed.

What is the due date for tax filing FY 2019/20 AY 2020 21?

The last date of income tax return (ITR) filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021. For tax audit and TP audit, the last due date is 15th february 2021. The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty.