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Income Tax Ready Reckoner AY 2019-20
We have prepared the IT & GST Ready Reckoner, in which all the basic concepts of Income Tax and GST will be covered. IT & GST Ready Reckoner is created to make the work easy for professionals. Following are the topics covered in the IT & GST Ready Reckoner.
Senior citizens will not have to pay any tax for income up to ₹3 lakh and for super senior citizens (above 80 years), the exemption is up to ₹5 lakh. For salaried taxpayers, standard deduction has been raised from the current ₹40,000 to ₹50,000. This will provide an additional tax benefit of ₹4,700 crore to more than 3 crore salary earners and pensioners. A health and education cess of 4% will be added to the total tax outgo besides a surcharge if your income crosses ₹50 lakh.
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FAQs for Income Tax Ready Reckoner AY 2019-20
[sc_fs_multi_faq headline-0=”h2″ question-0=”What is income tax ready reckoner?” answer-0=”Taxmann’s Ultimate Best-Seller, ‘Direct Taxes Ready Reckoner’ is a ready referencer for all provisions of the Income-tax Act. Provides analysis on Alternative Tax Regime along with Break Even Tables. Computation of taxes on various slabs of Income. Ready referencer on tax rates, TDS rates, TCS rates, due dates, etc.” image-0=”” headline-1=”h2″ question-1=”What is ready reckoner?” answer-1=”Ready reckoner rate, also known as circle rate, is the minimum price at which a property has to be registered in case of its transfer. The rates are determined by state governments and are revised from time to time according to market dynamics” image-1=””image-2=”” count=”2″ html=”true” css_class=””]