Income Tax Slab 2020-21, FY (Assessment year 2021-22)

Income Tax Slab 2020-21, FY (Assessment year 2021-22)

 

As per Indian Budget 2019-2020, Income Tax rate slab of 2020-2021 (Assessment year 2021-22).

 

 Income Tax Slab rate details under Indian Budget  for the financial year 2019-20 (AY 2020-21).

 

The Union Budget for financial year 2020-21 will be presented in the parliament by Union Finance Minister Nirmala Sitharaman on February 1. The Union Budget 2020 will be presented in parliament around 11 am on February 1. Usually the duration to present the Union Budget is 90 to 120 minutes. Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley changed the tradition in 2017 when he presented the Budget on February 1.

Income tax department launched e-assessment facility in October,2019. The scheme is part of the government’s efforts to reduce human discretion in the assessment and scrutiny of tax returns that in turn could help eliminate possibilities of corruption. 

As per Indian Budget 2020-21, Cess and surcharge on income tax payable in the new proposed personal tax regime remain the same as in the existing tax regime.

The effective tax rate for individuals with taxable income up to Rs 5 lakh would be nil under both the new and the existing tax regime as these individuals would be able to avail the tax-benefit of rebate up to Rs 12,500 under Section 87A under both regimes.
Currently, income up to Rs 2.5 lakh for resident individuals (age below 60 years) is exempt from tax. Similarly, for senior citizens aged 60 years and above but below 80 years, income up to Rs 3 lakh is exempt from tax. Income up to Rs 5 lakh is exempt from tax for super senior citizens (age 80 years and above). 

As per the budget proposals, if a taxpayer opts for the new regime, then his income will be taxed as per the following tax slabs: 

                                                     Income Tax Slab Table

Sl. No.

Total income

Rate of tax

 

1

Upto Rs 2,50,000

Nil

2

From Rs 2,50,001 to Rs 5,00,000

5 per cent.

3

From Rs 5,00,001 to Rs 7,50,000

10 per cent.

4

From Rs 7,50,001 to Rs 10,00,000

15 per cent.

5

From Rs 10,00,001 to Rs 12,50,000

20 per cent.

6

From Rs 12,50,001 to Rs 15,00,000

25 per cent.

7

Above Rs 15,00,000

30 per cent

 

 

Income Tax Slab rate details under Indian Budget  for the financial year 2020-21 (AY 2021-22)

 

The above details are about Income Tax Slab for Financial year 2020-2021.   The assessment year for the said Income Tax Slab is 2021-22.

Would you like to comment about Income Tax payable by a resident individual below 60 years old under Indian Budget 2019-20 (AY 2020-2021)? Discuss your thoughts below:

 


Comments


kartik: IT upto 5L is exemp from tax is what i believe and as per others understanding , now here you are telling that IT upto 2.5 L is NIL and Upto 5L is 5/100. Please comment

Sanika: Please Total Income Rate of Tax NIL upto 5 Lac income for womens.

Sudhir Kumar Jha: Weather in new budget,,,in new rates for senior citizen,the the slab is 2.5 or 3 lakhs

SEETHARAMAN .R: Sir,what about u/s 80c and 24b for Asst.yr.2021-22

PRADIP SARMA: Q1: Is Standard Deduction on salary Income applicable in new Tax regime 2: Is any additional rebate available for Senior Citizen below 80 Years of age 3: Has the budget provided for any earning enhancement for Senior Citizen

papanasam muthiah: whether std deduction available if opted for old scheme

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