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Query: For AY 2020-21, if tax free slab of income is upto 5 lacs

Category: Investments

Answer: No, in AY 2020-21, tax free slab of income is 250000 (3 lacs for senior citizen & 5 lacs for super senior citizen), but now the rebate has been increased to Rs. 12500 so an resident Individual having income upto 5 lacs will have no tax because slab rate between 2.5 lacs to 5 lacs is 5% thereby maximum tax would be 12500 which will be reduced by rebate. But if you have taxable income after chapter VIA deductions is more than 5 lacs, then you are not eligible for rebate, because this rebate is applicable only for the Resident Individual having total taxable income upto 5 lacs. Many people are confused with this rebate system and interpreting that there is no tax on income upto 5 lacs. So the tax free slab is 2.5 lacs only for other than senior citizen. It is because of rebate resident individual will have tax free income up to 5 lacs provided they have their total taxable income not more than 5 lacs.

Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 634

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