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Income Tax Slab for AY 2020-21
New tax slabs have been introduced in Union Budget 2020 these are applicable only if you do not claim any tax deductions. The following are the new tax slabs:Income tax slab rates specify the threshold annual income limits at which a higher or lower rate of tax is applicable.
Income Tax Slabs in India is announced by the Union Finance Minister. At present, there are 2 different regimes for Income Tax Slabs. Under the old regime, taxpayers will be able to enjoy the benefits of deductions and exemptions while the tax slabs are divided into 4 categories ranging from Nil to 30%. However, under the new regime, taxpayers cannot avail the benefits of deductions and exemptions, but the tax slabs are further divided into 7 categories ranging from Nil to 30%.
Income Tax Slabs for the FY 2020-21
Given below are the various tables for the New Income Tax Slabs and rates for the FY 2020-2021 and AY 2021-22 Which was announced in Union Budget 2020.
|Income Tax Slab||Tax Rate|
|Up to Rs.2.5 lakh||Nil|
|From Rs.2,50,001 to Rs.5,00,000||5% of the total income that is more than Rs.2.5 lakh + 4% cess|
|From Rs.5,00,001 to Rs.7,50,000||10% of the total income that is more than Rs.5 lakh + 4% cess|
|From Rs.7,50,001 to Rs.10,00,000||15% of the total income that is more than Rs.7.5 lakh + 4% cess|
|From Rs.10,00,001 to Rs.12,50,000||20% of the total income that is more than Rs.10 lakh + 4% cess|
|From Rs.12,50,001 to Rs.15,00,000||25% of the total income that is more than Rs.12.5 lakh + 4% cess|
|Income above Rs.15,00,001||30% of the total income that is more than Rs.15 lakh + 4% cess|
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You can also visit the official / source website to download the PDF from following links: https://www.hostbooks.com/in/income-tax-slabs-rate-2020-2021/
FAQs for Income Tax Slab for AY 2020-21
[sc_fs_multi_faq headline-0=”h2″ question-0=”Are income tax slabs same for all individuals?” answer-0=”Yes. ” image-0=”” headline-1=”h2″ question-1=”Who decides the IT slab rates and can they change?” answer-1=”The income tax slab rates for the applicable financial year are notified by the Finance Act and passed by the parliament every year.” image-1=”” headline-2=”h2″ question-2=”Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?” answer-2=”You need not file an ITR if your yearly income is below Rs.2.5 lakh but you should file a ‘Nil Return’ just for the record as there are many cases where you can produce them as proof of your employment. ” image-2=”” count=”5″ html=”true” css_class=””]