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Income tax slab for the financial year 2020-21
What is the tax slab in both new and old for the financial year 2020-21?
Replies (2)
Quick Summary
No changes from previous slab
Assuming you are looking for individual slab,
Under New Scheme (subject to conditions)
| Income Tax Slab | New Regime Income Tax Slab Rates for FY 2020-21 (Applicable for All Individuals & HUF) |
|---|---|
| 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% |
Old Scheme
| 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% |
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