Income tax slab for AY 20-21
Divya Priya (student) (333 Points)
01 August 2019
What is the income tax slab for salaried individual for AY 20-21?
1 Replies
Matoshree Thakur
(other)
(295 Points)
Replied 01 August 2019
1. Income Tax Slab Rate for AY 2020-21 for Individuals:
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000- Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 – Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus: -
Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
Health and Education cess: - 4% of income tax and surcharge.
Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
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