INDIAN TAX SLUP OF AY 2019-2020 For normal citizen aged below 60 year RS. 0 to RS. 2,50,000/+  tax =Nil Rs. 2,50,001 to 5,00,000  = 5% tax + 4% cess Rs. 5,00,001 to Rs. 10,00,00 = 20% tax +  4% cess Rs. 10,00,000   and above = 30% + 4 % cess This slab is for normal citizen of India. For Senior citizen  aged from 60 years but below 80 years RS. 0 to RS. 3,00,000/+  tax =Nil Rs. 3,00,001 to 5,00,000  = 5% tax + 4% cess Rs. 5,00,001 to Rs. 10,00,00 = 20% tax +  4% cess Rs. 10,00,000   and above = 30% + 4 % cess This slab is for senior citizen of India. For Super senior citizen aged more then 80 years Rs. 0 to 5,00,000  = 5% tax + 4% cess Rs. 5,00,001 to Rs. 10,00,00 = 20% tax +  4% cess Rs. 10,00,000   and above = 30% + 4 % cess This slab is for Super senior citizen of India.   Hope this will be helpful to  you.

  LAST DATE OF IT FILE SUBMISSION WITH OUT PANALTY FOR THE A.Y. 2019-20        The l ast date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, you will also avoid paying late filing fees. If you file your ITR after the deadline you will have to pay late filing fees of up to Rs 10,000. Now, everyone has to file ITRs digitally except for super senior citizens (i.e., aged 80 years and above) who are allowed to file their ITR in paper format. From    Filling After July 31st every one has to give a penalty U/S 234F FROM RS .1000/- TO RS. 10,000/- Now, everyone has to file ITRs digitally except for super senior citizens (i.e., aged 80 years and above) who are allowed to file their ITR in paper format.  The Income-Tax department has now announced a few key changes that a taxpayer must know while filing their Income Tax Return (ITR). The department sent i

Many years ago, there lived a shepherd boy who was bored watching his flock of sheep on the hill. To amuse himself, he shouted, “Wolf! Wolf! The sheep are being chased by the wolf!” The villagers came running to help the boy and save the sheep. They found nothing and the boy just laughed looking at their angry faces. “Don’t cry ‘wolf’ when there’s no wolf boy!”, they said angrily and left. The boy just laughed at them. After a while, he got bored and cried ‘wolf!’ again, fooling the villagers a second time. The angry villagers warned the boy a second time and left. The boy continued watching the flock. After a while, he saw a real wolf and cried loudly, “Wolf! Please help! The wolf is chasing the sheep. Help!” But this time, no one turned up to help. By evening, when the boy didn’t return home, the villagers wondered what happened to him and went up the hill. The boy sat on the hill weeping. “Why didn’t you come when I called out that there was a wolf?” he asked

In which year you assess your tax called ASSESSMENT YEAR. And for which year we assess the tax called Financial Year or Previous Year- IN THE YEAR 2019–20 WE ARE ASSESSING THE TAX OF 2018–19. SO WE CALLED 2019- 20 AS ASSESSMENT YEAR AND 2018–19 IS CALLED FINANCIAL YEAR. Assessment Year- The year immediate succeeding Financial year . The Year in which you file ITR. Financial year- The year immediate preceding Assessment year. The year in which you pay income tax. Example of F.Y. and its A.Y. Lets take a example to understand the concept of Financial Year (F.Y.)  and Assessment Year (F.Y.),  If we take an example of Year  2018-19 which is from 1st April 2018 to 31st March 2019 and if it the year for which you calculation your income and tax on total income, then year 2018-19 is your Financial Year, for that the calculation period start from 1st April 2019  and you can submit your Income tax File for FY 2018-19 FROM 1st April 2019 to 31st March 2020. So, Year 2019-20

    Some benefits of timely INCOME TAX filing BEFORE DUE DATE OR BEFORE TIME- Any losses happen in business/ house property/ capital losses can be carried forward if ITR is filed timely. Else these losses lapse, if filed after due date. Any refunds of excess TDS deducted can be claimed  After due date filing will give a burden of penalty  U/S 234F i.e. Rs 1,000 to 5,000. Tax planning and tax saving opportunities can be optimized if ITR filed in timely. Late filing or files after due date will increase tax burden like interest and late fees. If any one file his income tax declaration in time then his profile in view of income tax department and his CIBIL rating also get heavy. Visa documentation is facilitated (authorities ask for previous 3 year ITRs) Timely filing of income tax declaration will help to get bank loan and other facilities from bank and it will also enlarged your profile in view of bank when you do loan application in any ba

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   WHO SHOULD FILE INCOME TAX RETURN ? According to income tax act it is mandetary for every individual if there income crossed Rs.2,50000 before giving any deduction. So if your income crossed Rs 2.5lakh then its mandatary for you. But if your annual income dose not crossed Rs 2.5 lakh then also you need to submit your income tax file , as filing of income return is an declaration to words central govt. about your annual return because if you start submitting income tax file before you enters tax slabs then in future if you purchase some luxury product like flat or car from your savings then income tax department dose not ask you about source of money though if they ask you then you can show them that documents as a proof of your income .