Question: What Are The 70 Exemptions In Income Tax?

Is 80c removed in Budget 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone.

In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups.

Four new tax slabs have been introduced, making it a total of seven slabs..

What is fully exempted income?

What is Exempt Income? Any income earned which is not subject to income tax is called exempt income. As per Section 10 of the Income Tax Act, 1961, there are certain types of income which will be subjected to income tax within a financial year, provided they meet certain guidelines and conditions.

What is maximum exemption limit?

The maximum exemption limit for an individual and HUF is Rs. 250000. However, for senior citizen of age 60 years or more but less than 80 years is Rs. 300000 and for 80 years or above it is Rs.

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

Is 80c removed?

Most of the commonly available deductions such as section 80C (investments made in PF, NPS etc.), 80D (payment of medical insurance premium), standard deduction of Rs 50,000 etc. have been proposed to be removed but here is one tax benefit that can still be claimed by the individuals under the proposed new tax regime.

How much is the 2020 standard deduction?

In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household.

What are the exemptions in income tax?

Deduction Under Section 80C, 80DIncome Tax DeductionsIncome Tax ExemptionsPublic Provident Fund (PPF) Equity Linked Savings Scheme (ELSS) National Pension Scheme (NPS).House Rent Allowance Leave Travel Assistance Long-term capital gains on equity funds3 more rows

What is the basic exemption limit in income tax?

2.5 lakhTherefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” As per the Budget 2019 announcement, no changes in the income tax slabs and rates have been made. A rebate of Rs 12,500 will be available for all taxpayers with taxable income up to Rs 5 lakh.

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.

What is tax free amount?

Tax-free allowances reduce the amount of tax you have to pay on income you receive. There are two types: Allowances – which mean you can earn a certain amount of money before paying tax.

Which deduction is still allowed for 2020?

Any deduction under chapter VIA (like Section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, and so on….Share article.Taxable Income SlabsTax RatesRs 10 lakh to Rs 12.5 lakh20%Rs 12.5 lakh to Rs 15 lakh25%Rs 15 lakh and above30%4 more rows•Feb 7, 2020