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Showing posts with the label income tax returns 2019

How to save tax if you are earning up to 6 Lakh in a Financial year ? - Easy Calculation

How to save tax if you are earning up to 6 Lakh in a Financial year ? - Easy Calculation In the Budget India 2019, the Finance Minister Mr. Piyush Goyal announced that there is 100 percent or Full Tax Rebate in Income tax for those earning up to Rs. 5 Lakh in a Financial Year. One should note that there is not an exemption of tax up to 5 Lakh rupees, but it is a Tax Rebate. If an Individual earns Rs. 5 Lakh per annum in a 2019-20 Fiscal year, his income tax rate will be 5 percent. At 5 percent rate, he should pay the tax amount of Rs. 12,500 plus other surcharges. It will be deducted as TDS(Tax deducted at source) by the Employer and then the employer will pay this tax to the Income Tax Department. So, what is the full tax rebate for those earning up to 5 Lakh rupees ? When an individual is file his Income Tax returns in the Assessment year (2020-21), the TDS amount of Rs. 12,500/- deducted by the Employer, will get refunded to the Individual's account. It is referred as the Full T