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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
Are income tax slabs same for all individuals?
Who decides the IT slab rates and can they change?
The income tax slab rates for the applicable financial year are notified by the Finance Act and passed by the parliament every year.
Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?
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.