Income Tax Slab for Ay 2019-20 subscribe to our YouTube channel and hit the bell icon for latest updates also download a free android app in Kelcey to calculate income taxes and track on monthly basis hello guys welcome to another video in, which we are going to see how to calculate income tax, for the financial year of 2019 and 20 for the people of aged between 60 years to 79 years with the help of examples there were few changes made in budget 2019. Which includes no income tax if income is up to rupees 5 lakhs increase in standard deduction from. Rupees 40,000 to rupees 50000 increase in section 8 ET TV limit, from rupees 10,000 to rupees 50000 which was made in budget 2018 extra bit increased from rupees 2,500 to rupees to a thousand, 500 onli if income is below rupees 5 lakhs let us now see how these changes will impact the text calculation process for, the people of aged between 60 years, to 79 years with the help of examples let us first see the income tax lab rates for the people of aged between 60 years to 79 years so there were, no changes made in the budget 2019 as far. As the income tax lab rates are concerned no income tax if your income is up to rupees 3 legs 5 person income tax, if your income is between rupees 3 likes to 5 lakhs 20 percent income tax if. Your income is between rupees 5 lakhs to 10 lakhs 30 percent income tax if your income is. Above rupees 10 lakhs additionally a surcharge of 10 person will be applicable on taxable income if your income is between rupees 50 likes to one throat.

And a surcharge of 15 person will be applicable if your taxable income is above rupees.

One crore let us now see the examples of how you can calculate the income tax for the people of aged between 60 years to 79 years for the financial year of.

2019 and 20 so as you can see in example 1 the income from salary is rupees 8 like 50000 income from, other sources as rupees 19,000 which makes a cross total income 2 rupees.

8 like 69000 we have considered deductions of rupees 1 like 50000 in section 8 EC rupees 15000. In Section ATD and rupees 9000 in section 80 tpb this makes a total deductions of rupees 1 like 74 thousand, which makes a gross taxable income to rupees 8 like 69000 – rupees 1 like 74 thousand which is, equal to rupees six likes nine to five thousand I standard deduction of rupees fifty thousand will be applicable in the financial, year of 2019 and 20 which makes a cross-table income to rupee six likes forty five thousand let us now see how the text, will be calculated on a cross taxable income of rupees six Lex forty five thousand so as you can see.

There is no income tax to be paid, for income up to rupees three legs five person text will be calculated on income between three legs two five legs which makes your income tax two.

Rupees ten thousand twenty percent of income tax will be calculated for income between.

Five likes to six likes four to five thousand which makes your income tax two rupees twenty nine thousand since your cross taxable, income is above rupees 5 lakhs tax rebate of 12,500 will not be applicable in this example a sense of Hope erson will be applicable, which makes it equal to rupees 1560 so your total income tax becomes equal to rupees 10,000 plus twenty nine. Thousand plus one thousand five hundred and sixty which makes it equal to rupees forty thousand five hundred and sixty so for a cross take several income of, rupees six legs forty five, thousand we have the income tax of rupees forty thousand five hundred and sixty let us now see another example for the financial order of 2099 24. The people of aged between 60 years to 79 years so as you can see in this example we have considered income from salary as rupees.

Six legs income from other sources as rupees 15,000 so, a gross total income becomes equal to rupees six legs 15,000 a total deductions of rupees one lakh fifty thousand under Section eight PC rupees fifteen thousand under Section ATD rupees nine thousand. Under Section.

Attt B which makes a total deductions of rupees one like seventy four thousand this makes a cross taxable income to rupees six likes fifteen. Thousand – rupees one like seventy four thousand which is equal to rupees for like forty one thousand a standard deduction of rupees fifty thousand will be applicable to your. Cross taxable income which makes it equal to rupees three like ninety one thousand so as, you can see income tax on rupees three like ninety one thousand can be calculated in this way five percent, income tax on income from rupees three legs two rupees three like ninety one thousand which makes it equal to rupees 4550 twenty percent in 30 percent. Slab rates will not be applicable in this case since the cross sectional income is. Below rupees 5 lakhs in this case a tax rebate of maximum rupees twelve thousand five hundred, will be applicable in this case which makes your income tax equal to zero taking the advantage of tax rebate which allows.

You to reduce the income tax by rupees twelve thousand five, hundred you can pay absolutely zero income tax if your cross sectional income is below rupees 5 lakhs for more information follow our blog fin Kelsey – blog at blogspot.com download, a free Android – Kelsey to calculate.