November 22, 2020

Tax Estimator 2020

Tax Estimator 2020 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.

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