Income tax slab for the financial year 2020-21
Surajit Mondal (94 Points)
18 February 2021
What is the tax slab in both new and old for the financial year 2020-21?
2 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 19 February 2021
No changes from previous slab
Josh
(Manager)
(124 Points)
Replied 19 February 2021
Assuming you are looking for individual slab,
Under New Scheme (subject to conditions)
| Income Tax Slab | New Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF) |
|---|---|
| Rs 0.0 - Rs 2.5 Lakhs | NIL |
| Rs 2.5 lakhs- Rs 3.00 Lakhs | 5% (tax rebate u/s 87a is available) |
| Rs. 3.00 lakhs - Rs 5.00 Lakhs | |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 10% |
| Rs 7.5 lakhs - Rs 10.00 Lakhs | 15% |
| Rs 10.00 lakhs - Rs. 12.50 Lakhs | 20% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 25% |
| > Rs. 15 Lakhs | 30% |
Old Scheme
| Income Tax Slab | Individuals Below The Age Of 60 Years - Income Tax Slabs |
|---|---|
| Up to Rs 2.5 lakhs | NIL |
| Rs. 2.5 lakh -Rs. 5Lakhs | 5% |
| Rs 5 .00 lakh - Rs 10 lakhs | 20% |
| > Rs 10.00 lakh | 30% |
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