30 December, 2019

INCOME TAX CALCULATOR F.Y. 2019-20 (A.Y. 2020-21) FOR HARYANA GOVT. EMPLOYEES

image credit : respective owner CLICK TO DOWNLOAD = INCOME TAX CALCULATOR F.Y. 2019-20 (A.Y. 2020-21) CHALLAN - ITNS281 for TDS... thumbnail 1 summary

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CLICK TO DOWNLOAD = INCOME TAX CALCULATOR F.Y. 2019-20 (A.Y. 2020-21)




CLICK TO DOWNLOAD -->INCOME TAX CALCULATOR F.Y. 2018-19 (A.Y. 2019-20)


Highlights of Changes in FY 2019-20 in Income Tax return Form:

  1. Standard deduction enhanced for salaried persons from ₹ 40,000 to ₹ 50,000 in FY 2019-20.
  2. Income tax slabs remain unchanged as per previous year.
  3. Tax rebate (u/s 87A) is ₹ 12500 from ₹ 2500, taxable income after all deductions/exemptions up to ₹ 5 lakhs is Tax-free from ₹ 3.5 lakhs.
  4. TDS deduction on fixed deposits threshold increased from existing ₹ 10,000 to ₹ 40,000.
  5. Additional section 80EEA on home loans on purchase of an affordable home is introduced from FY 2019-20 for Rs 1.5 Lakhs.
  6. Additional section 80EEB on Auto loans on purchase of Electric vehicles is introduced from FY 2019-20 for Rs 1.5 Lakhs.

Condition of Section 80EEA

  • A loan was taken from a financial institute or a housing finance company for buying a residential house property between April 1, 2019, to March 31, 2020.
  • Only first time home buyer or the applicant have never applied for a home loan or not having any residential house on his name can avail the benefit of this section.
  • The actual value (stamp duty value) of the house should be 45 Lakhs or less.
  • The applicant is eligible if the carpet area of metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata, and Mumbai (the whole of Mumbai Metropolitan Region) does not exceed 645 Sq Feet.
  • The carpet area of Non-metropolitan cities must not exceed 970 Sq Feet.
Previously u/s 24 you can save up to Rs 2 lakh tax exemption on Intrest for a home loan, now the introduction of section 80EEA, you can get total exemption of Rs 2 Lakhs + 1.5 Lakhs, Total 3.5 Lakhs.
Condition of Section 80EEB
  • The section is available only for individual not for HOU, Partnership firm, a company or any other type of taxpayer.
  • The Loan must be section 1 April 2019 till 31 March 2023.
  • The loan must be taken from a financial institution or a non-banking financial company for buying an electric vehicle only.
  • The Deduction u/s 80 EEB of Rs 1.5 Lakhs is permitted for interest paid against Loan for purchase of Electrical Vehicle.
  • The assessee how avail for this section must not own any other electric vehicle on the date of sanction.
  • The most important point the exemption u/s 80EEB not only permitted for 4 wheeled vehicles but also for 2 wheeled vehicles.
  • The Section 80EEB Deduction will be over and above the regular deductions offered under the sections such as 80C, 80DD, 80D.
  • The maximum amount of deduction under this section 80EEB in a financial year is Rs 1.5 lakhs.
  • Only interest amount paid on your car loan is exempted under this section.

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