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INCOME TAX FOR INDIVIDUALS ASSESSMENT YEAR 201920

Budget - By: - Mr.M. GOVINDARAJAN - Dated:- 7-2-2018 - Introduction The individuals, especially the salaried people expected much from the Finance Minister in his budget for this year 2018. But the Finance Minister did not bring the income exemption limit and also the rate structure. However he introduced some changes that will be beneficial to some extent. In this budget, the senior citizens and very senior citizens will gain more than the salaried people. Individuals Tax rate In the case of e .....

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t exceed ₹ 10 lakhs= ₹ 12,500/- plus 20% of the amount by which the total income exceeds ₹ 5 lakhs Where the total income exceeds ₹ 10 lakhs= ₹ 1,12,500/- plus 30% of the amount by which the total income exceeds ₹ 10 lakhs. Standard deduction Section 16(i) of the Income Tax Act, 1961 deals with the standard deduction allowed to the individuals which has been omitted by Finance Act, 2005 with effect from 01.04.2006. Now the standard deduction has again been int .....

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sident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year, the rates of income tax are as below- Where the total income does not exceed ₹ 3,00,000 = NIL Where the total income exceeds ₹ 3,00,000 but does not exceed ₹ 5,00,000 = 5% of the amount by which the total income exceeds ₹ 3 lakhs Where the total income exceeds ₹ 5 lakh but does not exceed ₹ 10 lakhs= ₹ 10,000/- plus 20% of the amount by whi .....

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D so as to raise the monetary limit of deduction from ₹ 30,000/- to ₹ 50,000/- Deduction for medical treatment of specified diseases Section 80DDB provides for a deduction to an individual to amount paid to medical treatment for specified diseases in respect of senior citizens up to ₹ 60,000/- subject to specified conditions. It is proposed to amend the provisions of section 80DDB so as to raise the monetary limit of deduction to ₹ 1,00,000/- for senior citizens. Deductio .....

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e on interest income for senior citizens from ₹ 10,000/- to ₹ 50,000/-. Standard deduction Senior citizens are eligible for standard deduction of ₹ 40,000/- under section 16(i) of the Income Tax Act, 1961. Very Senior citizen Tax rate In the case of every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year, the rates of income tax are as below- Where the total income does not exceed ₹ 5,00,000 = NIL Where the t .....

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rance policy or preventive health check up of a senior citizen. It is proposed to amend Section 80D so as to raise the monetary limit of deduction from ₹ 30,000/- to ₹ 50,000/- Deduction for medical treatment of specified diseases Section 80DDB provides for a deduction to an individual to amount paid to medical treatment for specified diseases in respect of senior citizens up to ₹ 60,000/- subject to specified conditions. It is proposed to amend the provisions of section 80DDB .....

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