Tax Deduction at Source (TDS) FY 2019-20 -Circular
Circular issued for the deduction of tax from salaries for the financial year 2019-20 under section 192 of the Income Tax Act 1961 vide No.4/2020 [F. No.275n92./2019-IT(B)] dated l6th January,2020 olthe Central Board olDirect Taxes, Department of Revenue, Ministy of Finarce, Govemment of India.
Tax Rates
Normal (Below 60 Years) | Senior (60 and above but below 80 Years) | Super Senior (80 and Above) |
No tax,where the total income does not exceed 2,50,000/- | No tax,where the total income does not exceed 3,00,000/- | No tax,where the total income does not exceed 5,00,000/- |
5 % of the amount by which the total income exceeds Rs. 2,50,000/- | 5 % of the amount by which the total income exceeds Rs. 3,00,000/- | |
Rs. 12,500/- plus 20 % of the amount by which the total income exceeds Rs. 5,00,000/-. | Rs. 10,000/- plus 20 % of the amount by which the total income exceeds Rs. 5,00,000/-. | 20 % of the amount by which the total income exceeds Rs. 5,00,000/-. |
Rs. 1,12,500/- plus 30 % of the amount by which the total income exceeds Rs. 10,00,000/- | Rs. 1,10,000/- plus 30 % of the amount by which the total income exceeds Rs. 10,00,000/- | Rs. 1,00,000/- plus 30 %t of the amount by which the total income exceeds Rs. 10,00,000/- |
Health & Education Cess -4% | Health & Education Cess -4% | Health & Education Cess -4% |
Standard Deduction u/s 16 (ia) -50,000/- | Standard Deduction u/s 16 (ia) -50,000/- | Standard Deduction u/s 16 (ia) -50,000/- |
Tax rebate u/s 87A - 12,500/- | Tax rebate u/s 87A - 10,500/- | Tax rebate u/s 87A - Nil |
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