Monday, April 29, 2019

income tax changes for ay 2018-19, ay 2019-20 and ay 2020-21


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Cess on Tax


AY 2018 - 2019 : @ 3%

AY 2019 - 2020 : @ 4%

AY 2020 - 2021 : @ 4%


Standard Deduction for Salary - Section 16


AY 2018 - 2019 : NA

AY 2019 - 2020 : Rs.40,000

AY 2020 - 2021 : Rs.50,000


Deemed Let out Property


AY 2018 - 2019: Only one property allows ed as self-occupied and others are charged notional rent

AY 2019 - 2020: Only one property allows ed as self-occupied and others are charged notional rent

AY 2020 - 2021: Exempt levy of income tax on notional rent on second occupied houses


Stamp Duty valuation - section 50c


AY 2018 - 2019: Change between actual consideration and stamp duty valuation to be considered

AY 2019 - 2020: Change between actual consideration and stamp duty valuation to be considered

AY 2020 - 2021: Consider Stamp Duty Value only if it exceeds 105% of the declared consideration


Exemption under section 54


AY 2018 - 2019: Can avail against the purchase of ONE residential property only

AY 2019 - 2020: Can avail against the purchase of ONE residential property only

AY 2020 - 2021: Can avail against the purchase of TWO residential property if CG < 2 Crore


Holding Period of Investment - Section 54ec


AY 2018 - 2019: 3 Years

AY 2019 - 2020: 5 Years

AY 2020 - 2021: 5 Years


Tax on LTCG (Long Term Capital Gains) Share (Securities transaction tax) STT Paid Cases


AY 2018 - 2019 : Exempt under Section 10(38)

AY 2019 - 2020 : Taxable @10% if CG > Rs.1,00,000

AY 2020 - 2021 : Taxable @10% if CG > Rs.1,00,000


Rebate under section 87a for Resident Individuals


AY 2018 - 2019 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2019 - 2020 : Upto Rs. 2500 if Total Income < Rs.3,50,000

AY 2020 - 2021 : Upto Rs. 12500 if Total Income < Rs.5,00,000


Deduction in respect of interest on deposits in case of senior citizens Section 80ttb


AY 2018 - 2019: NA

AY 2019 - 2020: Rs.50000 (80TTA not available to this category)

AY 2020 - 2021: Rs.50000 (80TTA not available to this category)


Deduction under section 80D


AY 2018 - 2019 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Very Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Very Senior Citizen Rs. 30,000

Total Deduction available in respect of all above is Rs.30,000

AY 2019 - 2020 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Senior Citizen Rs. 30,000

Total Deduction available in respect of all above is Rs. 50,000


AY 2020 - 2021 :

  • 1. Assessee and family maximum Rs.25,000
  • 2. Parents of Assessee Rs. 25,000
  • 3. The medical expense of Assessee and Family Member only for Senior Citizen Rs.30,000
  • 4. The medical expense of Parents only for Senior Citizen Rs. 30,000


Total Deduction available in respect of all above is Rs. 50,000


Deduction under section 80ddb (Medical Treatment for specified disease)


AY 2018 - 2019 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen-Rs. 60,000
  • 3. Very Senior Citizen-Rs. 80,000


AY 2019 - 2020 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen- Rs. 1,00,000


AY 2020 - 2021 :

  • 1. Normal Citizen-Rs. 40,000
  • 2. Senior Citizen- Rs. 1,00,000

TDS Limit under section 194a


AY 2018 - 2019 : 

  • Rs.5000 in the case of Non-Bank and Rs.10,000 in the case of Bank and P O.


AY 2019 - 2020 : 

  • Rs. 5000 in the case of Non-Bank
  • Rs. 10,000 in the case of Bank and P .O. for Normal Citizens and Rs.50,000 for Senior Citizen


AY 2020 - 2021 : 

  • Rs. 5000 in the case of Non-Bank
  • Rs. 40,000 in the case of Bank and P .O. for Normal Citizens and Rs.50,000 for Senior Citizen


TDS (tax deduction at source) Limit under section 194i


AY 2018 - 2019 : Rs.1,80,000

AY 2019 - 2020 : Rs.1,80,000

AY 2020 - 2021 : Rs.2,40,000

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