How To Calculate Income Tax FY 2020-21 EXAMPLES | New Income Tax Calculation FY 2020-21

Описание: How To Calculate Income Tax FY 2020-21 EXAMPLES | New Income Tax Calculation FY 2020-21

Income Tax Calculation FY 2021-22:
   • How To Calculate Income Tax FY 2021-22 Exc...  

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TOPICS COVERED in this Video:
1. Income Tax Calculation FY 2020-21 EXAMPLES
2. How To Calculate Income Tax FY 2020-21
3. New BUDGET 2020
4. New Slab Rates
5. Income Tax Rebate
6. How to calculate income tax FY 2021-22 examples

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In this video we will see Income Tax Calculation for FY 2020-21 EXAMPLES
How To Calculate Income Tax for FY 2020-21 with the help of examples. Everything you need to know about Income Tax Calculation in FY 2020-21. Income Tax Calculator.
Watch full video to understand how Income Tax will be calculated using Old and New Income Tax Slab Rates. New Income Tax Regime and Tax Rebate eligibility criteria

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NEW TAX SLAB RATES INTRODUCED IN BUDGET 2020:
No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
10% Tax on Income between Rs. 5 lacs to Rs. 7.5 lacs
15% Tax on Income between Rs. 7.5 lacs to Rs. 10 lacs
20% Tax on Income between Rs. 10 lacs to Rs. 12.5 lacs
25% Tax on Income between Rs. 12.5 lacs to Rs. 15 lacs
30% Tax on Income above Rs. 15 lacs

OLD TAX SLAB RATES (STILL APPLICABLE):
No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
30% Tax on Income above Rs. 10 lacs

EXAMPLES:
Let's say your Income from Salary is Rs. 6 lacs.
Your income from other sources is Rs. 15000
This makes your gross total income as Rs. 6,15,000
Let's say your investments include Rs. 60,000 under Section 80C, Rs. 10,000 under Section 80D and Rs. 5000 under Section 80TTA.
This makes your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates. Standard deduction will not be applied if you are using new tax slab rates based on the condition we have seen at the start of this video.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.

Let's see income tax calculation process using old tax slab rates for which taxable income is Rs. 4,90,000.
No Tax on income between Rs. 0 to Rs. 2.5 lacs
5% Tax on income between Rs. 2.5 lacs to Rs. 4,90,000, which is equal to Rs.12,000
20% and 30% tax slabs will not be applicable in this example.
As we know, when taxable income is below Rs. 5 lacs, we get a maximum tax rebate of Rs. 12,500 u/s 87A.
In this example, income tax of Rs. 12,000 is cancelled by the tax rebate of Rs. 12,500, so effective income tax = Rs. 0.

WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.

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