Income Tax Slab for Fy 20-21 / Ay 2021-22
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What is Income tax slab
Indian Income-tax levies tax on individual taxpayers based on a slab system. A slab system indicates various tax rates are directed for several ranges of income. It refers to the tax rates keep increasing with an increase in the income of the taxpayer. This kind of taxation enables progressive and fair tax systems in the country. Such income tax slabs direct turn every budget. These slab rates are distinct for various categories of taxpayers. Income tax has identified three categories of “individual “taxpayers such as:
- People (aged less than 60 years) including residents and non-residents
- People Senior citizens (60 to 80 years of age)
- PeopleSuper senior citizens (aged more than 80 years)
Income Tax Slab for FY 20-21 / AY 2021-22
a. Income tax slab rate for New Tax regime -FY 2020-21
In this new regime, taxpayers have the right to decide either:
- To pay income tax at lower rates as per New Tax regime on the condition that they forgo some permissible exemptions and deductions possible under income tax, Or
- To continue to pay taxes under the existing tax rates. The assessee can avail of rebates and privileges by waiting in the old regime and paying tax at the existing higher rate.
Income tax slab rate applicable for New Tax regime - FY 2020-21
|
Income Tax Slab |
New Regime
Income Tax Slab Rates for FY 2020-21 |
|
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% |
b. Income tax slabs rate for Old Tax regime -FY 2020-21
Income tax slabs for Individual aged below 60 years & HUF
|
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% |
c. Difference of slab rates between new tax regime & Old Tax regime
|
Income Tax Slab |
Existing Regime Slab Rates for FY 19-20 and FY 20-21 |
New Regime Slab Rates for FY 20-21 |
||
|
Resident Individuals & HUF < 60 years of age & NRIs |
Resident Individuals & HUF > 60 to < 80 years |
Resident Individuals & HUF > 80 years |
Applicable for All Individuals & HUF |
|
|
Rs 0.0 - Rs 2.5 Lakhs |
NIL |
NIL |
NIL |
NIL |
|
Rs 2.5 - Rs 3.00 Lakhs |
5% (tax rebate u/s 87a is available) |
NIL |
NIL |
5% (tax rebate u/s 87a is available) |
|
Rs. 3.00- Rs 5.00 Lakhs |
5% (tax rebate u/s 87a is available) |
NIL |
||
|
Rs. 5.00 - Rs 7.5 Lakhs |
20% |
20% |
20% |
10% |
|
Rs 7.5 - Rs 10.00 Lakhs |
20% |
20% |
20% |
15% |
|
Rs 10.00 - Rs. 12.50 Lakhs |
30% |
30% |
30% |
20% |
|
Rs. 12.5 - Rs. 15.00 Lakhs |
30% |
30% |
30% |
25% |
|
>Rs. 15 Lakhs |
30% |
30% |
30% |
30% |
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