Dear Vivek, With effective from FY 2019-20 (AY 2020-21), a standard deduction of Rs 50,000 in lieu of travel and medical allowances (Rs 1,250 pm) has been proposed for salaried employees and pensioners. 5 lakh, the tax liability is Nil on account of tax relief u/s 87A) Rs. Income Tax Slabs Health & Education Cess is levied @ 4% on Income Tax payable. Income Tax Deductions List This … Tax exemption benefits for interest earned on bank deposits: Senior citizens are eligible for deduction under Section 80TTB of IT Act for … [ February 17, 2019 ] Income Tax Rates: AY 2020-21 (FY 2019-20) – Vote on Account Income Tax [ October 18, 2018 ] Guide to Standard Deduction Deductions [ September 22, 2018 ] Number of days work to buy an iPhoneX Others Standard Deduction of Rs 50,000 . Standard Deduction For Seniors Income tax benefits for senior and very senior citizens Standard Deduction 2020. In budget 2020, FM Smt. Standard Deduction in place of A and B (C) 40,000. Latest Income Tax Slab Rates Fy 2020-21 (Ay 2021-22 Prior to you are going to file your individual tax return this season, it’s finest if you recognized the most current standard deduction rate. Meaning, eligibility, quantum of tax benefit, exception etc for the FY 2020-21 (AY 2021-22) & FY 2019-20 (AY 2020-21) Introduction : The Finance Budget 2018 introduced Section 80TTB, which provides a tax relaxation on interest income for the senior citizens of India. Budget 2021 has the same amount of standard deduction for AY 2022-23. Deductions 5,00,000 5% (if taxable income is upto Rs. Standard Deduction Ay 2020 Net Tax Benefits (A+B-C) 5,800. The standard deduction for senior citizens is also … Her standard deduction would be $14,250. From the AY 2020-21 onwards, a … Below is the listing of IRS (Internal Revenue Service) standard deductions for 2020 to be submitted on the following year of 2021, based upon your filing standing: Single taxpayers get $12,400 of deductions, which is a raising from $12,200 in the previous year. Standard Deduction 2020 21 This is a fixed amount to be deducted from your total … Her standard deduction would be $14,250. Income Tax Calculation FY 2020 In the assessment year, 2019-20 salaried individuals could deduct a flat amount of Rs 40,000. Standard Deduction 2020. Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 10% of gross total income (in case of tax payer being self-employed). The Internal Revenue Service (IRS) gives seniors a more significant standard deduction when they turn 65. Standard Deduction 2020 Senior