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Video instructions and help with filling out and completing Fill Form 2220 Rates

Instructions and Help about Fill Form 2220 Rates

Hey, what is going on everybody? Welcome to another video. In this video, we will see how to calculate income tax for the financial year 2018 and 19, which will be applicable for the assessment year 2019 and 20. We will also look at some examples for illustration purposes. So, let's get started with this video. As you can see, there have been no changes in the income tax slab rates for people below 60 years compared to the financial year 2017 and 18. The tax limits remain the same as well. However, there are some changes related to the standard deduction and the health and education cess. If you want to learn more about the changes made in the budget 2018, you can watch our video, the link to which is in the top right corner of this video. For people below 60 years of age, the income tax slab rates are as follows: - No tax for income up to 2.5 lakhs - 5% tax for income between 2.5 lakhs to 5 lakhs - 20% tax for income between 5 lakhs to 10 lakhs - 30% tax for income above 10 lakhs There are no changes in the slab rates for people between 60 years to 80 years and people above 80 years compared to the financial year 2017 and 18. The surcharge rates remain the same as well. Let's move on to an example for income tax calculation. Let's say we have an income from salary of 8.5 lakhs and an income from other sources of 19,000. This gives us a total income of 8,69,000. We also have deductions of 1.5 lakhs, 15,000, and 9,000 under sections 80C, 80D, and 80TTA respectively. The total deductions amount to 1,74,000. These deductions are subtracted from the total income to calculate the gross taxable income, which in this example...