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Tax rate&comparison for financial year 2020-21

12 January 2021

please clarify and compare tax rate for financial year 2020-21so that an employee having gross salary 900000per year 150000 saving may get benefit

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4 Replies

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 12 January 2021

7.5- 10 lacs is 15%

https://cleartax.in/s/income-tax-slabs

I hope this helps

Kapadia Pravin (17249 Points)
Replied 12 January 2021

This requires calculation under both scheme of taxation in order to ascertain which one is beneficial. However, once you opt from new or old, you have to continue it for future years.

ayusmita (Tax consultant) (5885 Points)
Replied 12 January 2021

First calculate in old tax form with Deduction see in which slab rate you are
then again in new tax form with out Deduction see in which slab you are
choose the one that benifitted you
choose wisely as you can not change after it for future