2019
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
What is the income tax limit for 2019-20?
|
|
Rs 2.5 lakh
|
|
|
Rs 3 lakh
|
|
|
Rs 3.5 lakh
|
|
|
Rs 4 lakh
|
Explanation:
Detailed explanation-1: -With an additional Rs 10,000, the standard deduction allowed for Financial Year 2019-20 was taken up to Rs 50,000 following the provisions of the Interim Budget 2019.
Detailed explanation-2: -The standard deduction amount for single or separate taxpayers will increase from $4,537 to $4,601 for tax year 2020. For married filing/Registered Domestic Partner (RDP) jointly, qualifying widower, or head of household taxpayers, the standard deduction increases from $9,074 to $9,202 for tax year 2020.
There is 1 question to complete.