According to Income Tax Act 1961 an assesse compute total income during the previous year relevant to assessment from five head of income

1. Income from Salary
2. Income from house property
3. Income from business and profession
4. Income from Capital Gain
5. Income from other sources

Allow various deduction available

 Rebate under section 87A is available from total tax liability

With a view to provide tax relief to the individual tax payers who are in lower income bracket the income tax act has provided rebate from the tax payable by an assesse if the following condition are satisfied.

1. The assesse is an individual
2. He is resident in India
3. His total income does not exceed Rs.5, 00,000

Quantum of rebate:

1. The amount of income tax payable on the total income
2. 12,500

 Whichever is less

What is the 80 C limit for 2020 21?

Deduction under section 80 C is available amount invested in the prescribed scheme or

Rs.1, 50,000 is maximum limit

Whichever is less

Can I file ITR for AY 2020/21 now?

Yes now you can file ITR