Latest Income Tax Slab Rates for F.Y 2020-2021 i.e A.Y 2021-22
If you are claiming deductions & Exemptions
Income Slab |
Individuals (Aged below 60 Years) |
Upto Rs. 2,50,000 |
|
Nil |
Rs. 2,50,000 to Rs.5,00,000 |
|
5% |
Rs.5,00,000 to Rs.10,00,000 |
20% |
Rs.10,00,001 and above |
|
30% |
|
Senior Citizens (Aged 60 Yrs and above but below 80 Yrs) |
|
|
|
|
|
Upto Rs. 3,00,000 |
Nil |
Rs.3,00,001 to Rs. 5,00,000 |
5% |
Rs.5,00,000 to Rs.10,00,000 |
20% |
Rs.10,00,001 and above |
30% |
|
Super Senior Citizens (Aged 80 yrs and Above) |
|
|
|
|
|
Upto Rs. 5,00,000 |
|
Nil |
|
Rs.5,00,000 to Rs.10,00,000 |
20% |
|
Rs.10,00,001 and above |
30% |
|
|
If You are NOT Claiming Deductions & Exemptions
|
|
|
|
|
Senior Citizens (Aged 60 Yrs and above but below 80 Yrs) |
Upto Rs. 2,50,000 |
Nil |
|
|
Rs.2,50,000 to Rs. 5,00,000 |
|
5% (with Tax Rebate u/s 87A) |
|
Rs.5,00,000 to Rs.7,50,000 |
10% |
|
|
Rs.7,50,001 to Rs. 10,00,000 |
15% |
|
|
Rs.10,00,000 to Rs. 12,50,000 |
20% |
|
|
Rs.12,50,001 to Rs. 15,00,000 |
25% |
|
|
Rs.15,00,000 and above |
30% |
|
|
|
Any individual opting to be taxed under the new tax regime from FY 2020-21 onwards will have to give up certain exemptions and deductions.
Here is the list of exemptions and deductions that a taxpayer will have to give up while choosing the new tax regime. |
|
1. Leave Travel allowance (LTA) |
2. House Rent allowance (HRA) |
3. Conveyance |
4. Daily expenses in the course of employment |
5. Relocation allowance |
6. Helper allowance |
7. Children education allowance |
8. Other special allowances [Section 10(14)] |
9. Standard deduction |
10. Professional tax |
11. Interest on housing loan (Section 24) |
12. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA) |
Additional Note :
1) Surcharge : 10% of income Tax where total income Exceeds Rs.50,00,0000 /-
2) 15% of income Tax where total Income Exceeds Rs. 1,00,00,000 /-
3) Health and education Cess - 4% of Income Tax & Surcharge
4) Rebate 87A : If the Net Total Income of the Resident Individual is upto Rs.500,000/- Rebate u/s 87A is allowed Maximum upto 12,500/- or the amount of tax whichever is lower.
5) Cess will be added after deducting Rebate u/s 87A.
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