Menu
Income tax slab for AY 20-21
What is the income tax slab for salaried individual for AY 20-21?
Replies (1)
1. Income Tax Slab Rate for AY 2020-21 for Individuals:
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 2,50,000 |
Nil |
|
Rs. 2,50,000- Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
|
Net income range |
Income-Tax rate |
|
Up to Rs. 3,00,000 |
Nil |
|
Rs. 3,00,000 – Rs. 5,00,000 |
5% |
|
Rs. 5,00,000- Rs. 10,00,000 |
20% |
|
Above Rs. 10,00,000 |
30% |
Plus: -
Surcharge: - 10% of income tax where total income exceeds Rs. 50,00,000.
15% of income tax where total income exceeds Rs. 1,00,00,000.
Health and Education cess: - 4% of income tax and surcharge.
Note: - A resident individual is entitled for rebate under section 87A if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
Recent Threads
- Purchase and sales of Shares entry in Tally
- Where to know latest GST HSN Codes and their Rates
- Hsn code and rate cnsl crude oil
- Clarification required on taxation of income from
- Pension Income up to Rs.1,66,250 per month equal t
- Reappointment of Managing Director in a private li
- VAT deducted by Saudi company
- RCM doubt please clarify
- Should open NRO account?
- Which IT section applicable for cash transaction i
Related Threads
CAclubindia
