Income Tax Slabs 2019-2020, Income Tax Calculations

As per the budget 2019 on 1st February the Income Tax slabs for 2019-2020 is changed. The Income tax rate become zero upto 5 Lakh and then after one can get other exemption limit in tax savings. As a tax payer the question always you have in your mind is how much income tax do i need to pay? Here is the answer for you just check out how much tax exemption limit is there for you income.

Income Tax Rates for Taxpayers Under 60 Years 2019-2020:

Income Slab Income Tax Rate
Up to Rs. 5,00,000 NIL
Rs. 5,00,000 to Rs.10,00,000 20%
Above Rs.10,00,000 30%

Other Tax Exemptions Calculations:

Details Exemptions Amount
Income Exemption 5,00,000
80C Exemption 1,50,000
Home Loan Interest 2,00,000
Standard Deduction 50,000
Mediclaim Exemption 25,000
Mediclaim Parents 25,000
House Rent 60,000
NPS Exemption 50,000
Total 11,10,000

As per the current Income Tax Calculator 2019-2020 tax slabs changed and the Income Tax exemption upto 5 lakh is one of the decision all the tax payer will consider a good one. There are other benefits also given checkout the Income tax calculations 2019-2020 and final income tax slabs for 2019-2020.