Income tax software 2019-20
As per the Budget 2019 announcement, no changes in the income tax slabs and rates have been proposed. A rebate of Rs 12,500 will be available for all taxpayers
with taxable income up to Rs 5 lakh. This rebate will be available under Section 87A of the Income Tax Act. Also, standard deduction for financial year 2019-20 would be Rs 50,000.
For the FY 2019-20, new surcharge rates have been introduced for the super rich
For the FY 2019-20, new surcharge rates have been introduced for the super rich
| Up to Rs 5 lakh | Nil |
| Rs 5,00,001 to Rs 10,00,000 | 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
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