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.auto-style1 { text-align: center; } The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head Salaries during the financial year 2020-21 and explains certain related provisions of the Act and Income-tax Rules, 1962. Read the offici
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FAQ :
This circular provides the rates for deducting income tax from salaries during the financial year 2020-21 and explains related provisions of the Income-tax Act and Rules.
The relevant section is Section 192 of the Income-tax Act, 1961, concerning income-tax deduction from salaries.
For individuals with income up to £2,50,000, the tax rate is Nil. For income between £2,50,000 and £5,00,000, it's 5%. Between £5,00,000 and £10,00,000, it's £12,500 plus 20% of the excess over £5,00,000. For income over £10,00,000, it's £1,12,500 plus 30% of the excess over £10,00,000.
Yes, for residents aged 60-79, the Nil tax threshold is £3,00,000, with subsequent slabs adjusted. For residents aged 80 and above, the Nil tax threshold is £5,00,000, with adjusted subsequent slabs.
The relevant Acts, Rules, Forms, and Notifications are available on the Income Tax Department's website: www.incometaxindia.gov.in.
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