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Latest Income Tax Slab Rates for F.Y 2020-2021 i.e A.Y 2021-22

If you are claiming deductions & Exemptions

 
Income Slab Individuals (Aged below 60 Years)
Income Tax Slab Rates for FY 2020-21
 
Upto Rs. 2,50,000   Nil
Rs. 2,50,000 to Rs.5,00,000   5%
Rs.5,00,000 to Rs.10,00,000 20%
Rs.10,00,001 and above   30%
 
Senior Citizens (Aged 60 Yrs and above but below 80 Yrs)
         
 
 
 
Upto Rs. 3,00,000 Nil
Rs.3,00,001 to Rs. 5,00,000 5%
Rs.5,00,000 to Rs.10,00,000 20%
Rs.10,00,001 and above 30%
 
Super Senior Citizens (Aged 80 yrs and Above)
         
 
 
Upto Rs. 5,00,000   Nil  
Rs.5,00,000 to Rs.10,00,000 20%  
Rs.10,00,001 and above 30%  
 

If You are NOT Claiming Deductions & Exemptions

       
Senior Citizens (Aged 60 Yrs and above but below 80 Yrs)
 
 
Upto Rs. 2,50,000 Nil    
Rs.2,50,000 to Rs. 5,00,000   5% (with Tax Rebate u/s 87A)  
Rs.5,00,000 to Rs.7,50,000 10%    
Rs.7,50,001 to Rs. 10,00,000 15%    
Rs.10,00,000 to Rs. 12,50,000 20%    
Rs.12,50,001 to Rs. 15,00,000 25%    
Rs.15,00,000 and above 30%    
 

Any individual opting to be taxed under the new tax regime from FY 2020-21 onwards will have to give up certain exemptions and deductions.

 
Here is the list of exemptions and deductions that a taxpayer will have to give up while choosing the new tax regime.
 
1. Leave Travel allowance (LTA)
2. House Rent allowance (HRA)
3. Conveyance
4. Daily expenses in the course of employment
5. Relocation allowance
6. Helper allowance
7. Children education allowance
8. Other special allowances [Section 10(14)]
9. Standard deduction
10. Professional tax
11. Interest on housing loan (Section 24)
12. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA)

Additional Note :

1) Surcharge : 10% of income Tax where total income Exceeds Rs.50,00,0000 /-

2) 15% of income Tax where total Income Exceeds Rs. 1,00,00,000 /-

3) Health and education Cess - 4% of Income Tax & Surcharge

4) Rebate 87A : If the Net Total Income of the Resident Individual is upto Rs.500,000/- Rebate u/s 87A is allowed Maximum upto 12,500/- or the amount of tax whichever is lower.

5) Cess will be added after deducting Rebate u/s 87A.


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Category Income Tax, Other Articles by - CA Sanya Kapoor 



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