Scribd
Upload
47 views1 page

Income Tax Slab Fy 2020-21

This document summarizes the income tax slabs and rates for the financial year 2020-21 for individual taxpayers in India. It provides the tax rates and slabs for the old tax regime and the new tax regime, for different age groups including below 60 years, 60-80 years, and above 80 years. It also compares the old and new tax regimes in terms of the deductions and exemptions that are allowed or not allowed under each regime. The key difference is that the old tax regime allows various deductions and exemptions while the new tax regime does not allow any deductions in exchange for lower tax slabs and rates.

Uploaded by

Nabhya's Family
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
47 views1 page

Income Tax Slab Fy 2020-21

This document summarizes the income tax slabs and rates for the financial year 2020-21 for individual taxpayers in India. It provides the tax rates and slabs for the old tax regime and the new tax regime, for different age groups including below 60 years, 60-80 years, and above 80 years. It also compares the old and new tax regimes in terms of the deductions and exemptions that are allowed or not allowed under each regime. The key difference is that the old tax regime allows various deductions and exemptions while the new tax regime does not allow any deductions in exchange for lower tax slabs and rates.

Uploaded by

Nabhya's Family
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Compiled By: -CA Nitin Arora

B. Com, FCA
Practicing Chartered Accountant
(M)90412-90416,98157-98294
Email: canitinarora89@gmail.com

INCOME TAX SLAB FY 2020-21 (AY 2021-22) for INDIVIDUAL


In this Financial Year we have two Choices either to opt Old Tax Regime or New Tax Regime

OLD TAX REGIME NEW TAX REGIME


1) Age is Below 60 Years For All Ages
Total Income Rate of Tax
Upto Rs.2,50,000 Nil Total Income Rate of Tax
2,50,001 to 5,00,000 5% Upto Rs.2,50,000 Nil
5,00,001 to 10,00,000 20% 2,50,001 to 5,00,000 5%
Above 10,00,000 30% 5,00,001 to 7,50,000 10%
7,50,001 to 10,00,000 15%
2) Age is 60 Years or more but less than 80 10,00,001 to 12,50,000 20%
Years 12,50,0001 to 15,00,000 25%
Total Income Rate of Tax Above 15,00,000 30%
Upto Rs.3,00,000 Nil
3,00,001 to 5,00,000 5%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%

3) Age is 80 Years or more


Total Income Rate of Tax
Upto Rs.5,00,000 Nil
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Claiming of Exemptions or Deductions Allowed or Not Old Tax Regime New Tax Regime
Standard Deduction of Rs.50,000 for Salaried and Pensioner Allowed Not Allowed
Deduction for Professional Tax paid Allowed Not Allowed
House Rent Allowance Exemption Allowed Not Allowed
Leave Travel Concession Allowed Not Allowed
Deduction of Interest on Self Occupied House Property up to 2 Lacs Allowed Not Allowed
Deduction for Family Pension Up to Rs. 15000 Allowed Not Allowed
Deduction Under Section 80C to 80U Allowed Not Allowed
Example:
Provident Fund, LIC Premium, PPF, Tuition Fees, GIS, Tax Saver
Mutual Fund, Housing Loan Principal Repayment, Medical
Insurance, Donation, Interest on Education Loan, Physically
Handicapped Deduction etc.
80 TTA (Interest on Saving Accounts Upto Rs.10,000)
80 TTB (Interest on Savings ,FDR, others for senior citizens upto
Rs.50,000
Note: Health and Education Cess of 4% of Income is leviable in both Old and New Tax Regime
Rebate under Section 87A of Rs. 12500 or 100% of Income Tax (Whichever is less) for Resident
Individuals having Total Income up to Rs. 5 Lacs
[Means No Tax If Resident Individual has Total Income (After Deductions and Exemptions) up to Rs. 5 Lacs

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy