The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur


  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
BusinessTrending

Know your tax liability after budget in simple steps

by Abhijit Kelkar February 5, 2019February 5, 2019
written by Abhijit Kelkar February 5, 2019February 5, 2019
Know your tax liability after budget in simple steps

The Central government presented (perhaps its last) interim budget last week. Finance Minister, Piyush Goyal proposed a number of sops to the salaried class as well as the farmers of the country. The increase in the income tax limit along with Standard Deduction amount is the talk of the town, with several people still having questions in their mind about their actual tax liability. The article explains the same in simple language.

How to calculate income tax after budget

Announcement of a full tax rebate on an annual income up to Rs. 5 lakh to Rs. 10000 hike in standard deduction ( total Rs. 40000) applicable to the salaried and pensioners, the Budget 2019 proposes few key changes to income tax laws.

When the new income tax rules come into effect, that is, from Assessment Year 2020-21, individual assessees’ tax pay-out will change accordingly.

Let us now see how the fresh calculations will be !!

New tax calculation examples Assessment Year 2020-21
Net Taxable annual income in rupees (i.e. after adjusting deductions) 3,50,000 4,00,000 5,00,000 10,00,000
Tax 5,000 (@ 5% on 1,00,000) 7,500 (@ 5% on 1,50,000) 12,500 (@ 5% on 2,50,000) 1,12,500 (@5% on 2,50,000, 20% on 5,00,000)
Rebate under Section 87A of I-T Act 5,000 7,500 12,500 NA
Tax liability 0 0 0 1,12,500
Cess @ 4% 0 0 0 4,500
Tax payable (after cess) 0 0 0 1,17,000
Assessment Year 2019-20
Taxable income 3,50,000 4,00,000 5,00,000 10,00,000
Tax 5,000 7,500 12,500 1,12,500
Rebate 2,500 NA NA NA
Balance Tax 2,500 7,500 12,500 1,12,500
Cess 100 300 500 4,500
Tax payable 2,600 7,800 13,000 1,17,000

 

0 comment
FacebookTwitterLinkedin
Abhijit Kelkar

CA. Abhijit Kelkar B.Com, LL.b, FCA, DISA

previous post
Rs.832 cr disbursed under PMMY in Nagpur distt, no data of beneficiaries
next post
Governor all praise for RSS, Golwalkar Guruji

You may also like

Sensex dives 1100 points, Nifti below 15,950 points

May 19, 2022

Umran Malik becomes youngest bowler to take 20...

May 19, 2022

Mini MBA course in just one rupee, know...

May 17, 2022

Action taken against 31 businessmen  for selling products...

May 17, 2022

Rupee hits all-time low against Dollar

May 17, 2022

Know how to block spam calls on iPhone

May 16, 2022

India reeling under 50°Celsius is a matter of...

May 16, 2022

NARENDRA MODI’S GOVERNMENT WILL ADDRESS ALL GST ISSUES...

May 15, 2022

Rohit Sharma, K L Rahul to be rested...

May 15, 2022

Australian Cricket Star Andrew Symonds Dies In Car...

May 15, 2022

Trending News

  • Umran Malik becomes youngest bowler to take 20 wickets in an IPL

    May 19, 2022
  • Mini MBA course in just one rupee, know how

    May 17, 2022
  • Know how to block spam calls on iPhone

    May 16, 2022
  • India reeling under 50°Celsius is a matter of concern

    May 16, 2022
  • Rohit Sharma, K L Rahul to be rested for T20 series

    May 15, 2022

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

February 2019
M T W T F S S
« Jan   Mar »
 123
45678910
11121314151617
18192021222324
25262728  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us
  • Work with us
  • Contact Us

© 2020 - The Live Nagpur . All Rights Reserved.

KKM