How To Calculate Income Tax FY 2019-20 with Examples | Slab Rates | Tax Rebate AY 2020-21 | FinCalC TV
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This video by FinCalC TV explains Income Tax Calculation process for FY 2019-20 with the help of EXAMPLES. It also explains about Income Tax Slab Rates, changes made in Budget 2019, Tax Rebate and other important facts about Income Tax Calculation for FY 2019-20.
At the end of this video you will be familiar with the process of how to calculate Income Tax based on the changes made in Budget 2019 for FY 2019-20, AY 2020-21.
Budget 2019 INCOME TAX CHANGES:
Following are some of the important changes made in Budget 2019 that will be used for Income Tax Calculation process of FY 2019-20:
1. No Income Tax on Income up to Rs.5,00,000
This change will reduce the Income tax liability of salaried employees and middle class. This is a welcome change by everybody particularly salaried employees
2. Standard Deduction increased to Rs.50,000
This is a flat deduction that is applied before Calculating Income Tax. Standard Deduction reduces Income Tax Liability
3. Savings Accounts Interest Income Exemption increased to Rs.40,000
Previously, Savings Account Interest Exemption allowed was Rs.10,000. For FY 2019-20 it is increased to Rs.40,000
So these were some of the changes made in Budget 2019 that will be applicable for FY 2019-20
The examples used are for Illustration purpose only.
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