What is the limit for income tax exemption?

What is the limit for income tax exemption?

Income tax exemption limit is up to Rs. 2,50,000 for Individuals , HUF below 60 years aged and NRIs. An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

What was income tax in 2013?

Income Tax Slab & Deductions FY 2013-14

For Men below 60 years of age For Senior Citizens (Age 80 years or more)
Rs. 2,00,000 Nil Nil
Rs. 2,00,001 – Rs. 500,000 10% 20%
Rs. 500,001 – Rs. 10,00,000 20% 30%
Above Rs. 10,00,000 30%

Is 5 lakh exemption for all?

Anybody and everybody is not entitled to avail this rebate. Though the basic exemption limit of Rs. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual and that too only if he is resident for income tax purposes.

Which is the assessment year the financial year 2012 13?


Upto Rs.1,80,000 NIL
Rs.1,80,000 to 5,00,000 10% of the amount exceeding Rs.1,80,000
Rs.5,00,000 to 8,00,000 Rs.32,000 + 20% of the amount exceeding Rs.5,00,000
Rs.8,00,000 & above Rs.92,000 + 30% of the amount exceeding Rs.8,00,000

What is taxable limit?

Budget highlights: 2020 income tax slab In Budget 2020, a new set of income tax rates has been announced for those earning up to ₹15 lakh a year. The highlights are listed below: Income between ₹5 and ₹7.5 lakh, reduced to 10% tax from 20% Income between ₹7.5 lakh to ₹10 lakh, reduced to 15% from the current 20%

What is the basic exemption limit for senior citizens?

Senior Citizens Income Tax Slabs FY 2020-2021 Income tax exemption limit is up to Rs. 3 lakh. Surcharge is applicable if total income is more than Rs. 50 lakh and up to Rs.

What is assessment year in simple words?

Assessment Year is the year that comes right after the financial year (FY). Both financial year (FY) and assessment year (AY) starts on 1st April and ends on 31st March. Assessment year is the period in which income earned during a particular financial year is taxed and assessed.

Is income upto 5 lakhs tax free?

No income tax needs to be paid if your taxable income is below Rs 5 lakh, and yet there is a tax of 5% on income above Rs 2.5 lakh. 5 lakh, you are eligible for a tax rebate up to Rs 12,500 under section 87A. Therefore, the tax liability in such a situation will be nil.

How can I get 80u certificate?

Certificates could be obtained from the medical authorities who could be either, a neurologist having a degree of Doctor of Medicine (MD) in Neurology (in case of children, a pediatric neurologist having an equivalent degree) or a civil surgeon or Chief Medical Officer in a government hospital.

What is the difference between financial year and assessment year?

Financial Year is the year or the time period within which income is earned. The assessment year is the year that follows the financial year and it is the period in which tax returns are filed.

How many heads are there under total income?

five heads
Under the Income Tax Act, there are five heads which are known as the heads on income.

Is there any surcharge on income tax during FY 2012-13 (AY 2013-14)?

There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14). 2.3.1 Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.

What is the basic exemption limit for income tax in India?

*In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is INR 250,000 The category of women below the age of 65 years has been removed. Marginal relief may be available.

What is the maximum amount of tax in 20% slab?

Taxable Income in 20% slab maximum tax will be Rs. 3,000 + Rs.1,00,000 total Rs 1,30,000 Education and other cess will be in addition to this.