{"id":25288,"date":"2020-09-23T07:24:34","date_gmt":"2020-09-23T07:24:34","guid":{"rendered":"http:\/\/indiataxations.in\/?p=25288"},"modified":"2020-09-23T07:24:34","modified_gmt":"2020-09-23T07:24:34","slug":"income-tax-slabs-rates-in-india-for-f-y-2020-21","status":"publish","type":"post","link":"https:\/\/indiataxations.in\/index.php\/2020\/09\/23\/income-tax-slabs-rates-in-india-for-f-y-2020-21\/","title":{"rendered":"Income Tax Slabs Rates in India for F.Y. 2020-21"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n
Income Tax Slab<\/strong><\/td>\nTax Rate<\/strong><\/td>\n<\/tr>\n<\/thead>\n
Up to Rs 2.5 lakh<\/td>\nNIL<\/td>\n<\/tr>\n
Rs 2.5 lakh to Rs 5 lakh<\/td>\n5% (Tax rebate of Rs 12,500 available under section 87A)<\/td>\n<\/tr>\n
Rs 5 lakh to Rs 7.5 lakh<\/td>\n10%<\/td>\n<\/tr>\n
Rs 7.5 lakh to Rs 10 lakh<\/td>\n15%<\/td>\n<\/tr>\n
Rs 10 lakh to Rs 12.5 lakh<\/td>\n20%<\/td>\n<\/tr>\n
Rs 12.5 lakh to Rs 15 lakh<\/td>\n25%<\/td>\n<\/tr>\n
Rs 15 lakh and above<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
  • The tax calculated on the basis of such rates will be subject to health and education cess of 4%.<\/li>\n
  • 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.<\/li>\n
  • Here is the list of exemptions and deductions that a taxpayer will have to give up while choosing the new tax regime.<\/li>\n<\/ul>\n
      \n
    1. Leave Travel Allowance<\/li>\n
    2. House Rent Allowance<\/li>\n
    3. Conveyance<\/li>\n
    4. Daily expenses in the course of employment<\/li>\n
    5. Relocation allowance<\/li>\n
    6. Helper allowance<\/li>\n
    7. Children education allowance<\/li>\n
    8. Other special allowances [Section 10(14)]<\/li>\n
    9. Standard deduction<\/li>\n
    10. Professional tax<\/li>\n
    11. Interest on housing loan (Section 24)<\/li>\n
    12. Chapter VI-A deduction (80C,80D, 80E and so on) (Except Section 80CCD(2) and 80JJA)<\/li>\n<\/ol>\n
        \n
      • Points to remember while opting for the new tax regime:<\/li>\n<\/ul>\n
          \n
        1. Option to be exercised on or before the due date of filing return of income for AY 2021-22<\/li>\n
        2. In case a taxpayer has a business income and exercised the option, he\/she can withdraw from the option only once. A business taxpayer withdrawing from the optional tax regime has to follow the regular income tax slabs.<\/li>\n<\/ol>\n

          According to the current income tax laws in India, the income tax rate on resident individuals varies based on their age. There are different tax slabs applicable to the individuals for the financial year 2018-19 and 2019-20. For instance, a resident individual, aged below 60 years, with an income less than Rs 2.5 lacs is exempt from paying income tax.<\/p>\n

          Given below are the tables for the latest income tax slabs for FY 2018-19 and FY 2019-20.<\/p>\n

          Income Tax Slabs & Rates for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2019-20 \u2013 Part I<\/h2>\n\n\n\n\n\n\n\n\n
          Income Tax Slab<\/strong><\/td>\nTax Rate for Individual & HUF Below the Age Of 60 Years<\/strong><\/td>\n<\/tr>\n<\/thead>\n
          Up to \u20b92,50,000*<\/td>\nNil<\/td>\n<\/tr>\n
          \u20b92,50,001 to \u20b95,00,000<\/td>\n5% of total income exceeding \u20b92,50,000<\/td>\n<\/tr>\n
          \u20b95,00,001 to \u20b910,00,000<\/td>\n\u20b912,500 + 20% of total income exceeding \u20b95,00,000<\/td>\n<\/tr>\n
          Above \u20b910,00,000<\/td>\n\u20b91,12,500 + 30% of total income exceeding \u20b910,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
            \n
          • No tax for individuals with income less than \u20b9 2,50,000<\/li>\n
          • 0%-5% tax with income \u20b9 2.5 lacs to 5 lacs for different age groups<\/li>\n
          • 20% tax with income \u20b9 5 lacs to 10 lacs<\/li>\n
          • 30% tax with income above \u20b9 10 lacs<\/li>\n
          • A tax rebate under section 87A is allowed to individual taxpayers a maximum amount of:\u2013 Rs 2,500 for total income up to Rs 3.5 lakh for FY 2018-19<\/li>\n<\/ul>\n

            \u2013 Rs 12,500 for total income up to Rs 5 lakh for FY 2019-20<\/p>\n

              \n
            • Investments upto \u20b9 1.5 lacs under Sec 80C can save \u20b9 46,800 in taxes.<\/li>\n<\/ul>\n

              Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Let\u2019s understand the tax calculation for rebate with the help of an example:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Source of income (FY 2019-20)<\/strong><\/td>\nIncome (Rs)<\/strong><\/td>\n<\/tr>\n<\/thead>\n
              Salary (6,50,000)<\/td>\n<\/td>\n<\/tr>\n
              Less: Standard deduction ( 50,000)<\/td>\n6,00,000<\/td>\n<\/tr>\n
              Interest on fixed deposit<\/td>\n50,000<\/td>\n<\/tr>\n
              Gross total income<\/strong><\/td>\n6,50,000<\/strong><\/td>\n<\/tr>\n
              Less: Deduction under section 80C<\/td>\n1,50,000<\/td>\n<\/tr>\n
              Total income<\/strong><\/td>\n5,00,000<\/strong><\/td>\n<\/tr>\n
              Income-tax (@ 5% from Rs 2.5 to 5 lakh)<\/td>\n12,500<\/td>\n<\/tr>\n
              Less: Rebate u\/s 87A<\/td>\n12,500<\/td>\n<\/tr>\n
              <\/td>\nNIL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2019-20 \u2013 Part II<\/h2>\n\n\n\n\n\n\n\n
              Income Tax Slabs\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/strong><\/td>\nTax Rate for Senior cetizens aged 60 Years But Less than 80 Years<\/strong><\/td>\n<\/tr>\n
              Income up to Rs 3,00,000*<\/td>\nNo tax<\/td>\n<\/tr>\n
              Income from Rs 3,00,000 \u2013 Rs 5,00,000<\/td>\n5%<\/td>\n<\/tr>\n
              Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n20%<\/td>\n<\/tr>\n
              Income more than Rs 10,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Let\u2019s understand the tax calculation for rebate with the help of an example:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Source of income (FY 2019-20)<\/strong><\/td>\nIncome (Rs)<\/strong><\/td>\n<\/tr>\n<\/thead>\n
              Salary (4,00,000)<\/td>\n<\/td>\n<\/tr>\n
              Less: Standard deduction ( 50,000)<\/td>\n3,50,000<\/td>\n<\/tr>\n
              Income from house property<\/td>\n2,50,000<\/td>\n<\/tr>\n
              Interest on fixed deposit<\/td>\n50,000<\/td>\n<\/tr>\n
              Gross total income<\/strong><\/td>\n6,50,000<\/strong><\/td>\n<\/tr>\n
              Less: Deduction under section 80C<\/td>\n1,50,000<\/td>\n<\/tr>\n
              Total income<\/strong><\/td>\n5,00,000<\/strong><\/td>\n<\/tr>\n
              Income-tax (@ 5% from Rs 3 to 5 lakh)<\/td>\n10,000<\/td>\n<\/tr>\n
              Less: Rebate u\/s 87A<\/td>\n10,000<\/td>\n<\/tr>\n
              <\/td>\nNIL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2019-20 \u2013 Part III<\/h2>\n\n\n\n\n\n\n
              Income Tax Slabs<\/strong><\/td>\nTax Rate for Super Senior Citizens (Aged 80 Years And Above)<\/strong><\/td>\n<\/tr>\n
              Income up to Rs 5,00,000*<\/td>\nNo tax<\/td>\n<\/tr>\n
              Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n20%<\/td>\n<\/tr>\n
              Income more than Rs 10,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Let\u2019s understand the tax calculation for a rebate with the help of an example:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Source of income (FY 2019-20)<\/strong><\/td>\nIncome (Rs)<\/strong><\/td>\n<\/tr>\n<\/thead>\n
              Salary (3,50,000)<\/td>\n<\/td>\n<\/tr>\n
              Less: Standard deduction ( 50,000)<\/td>\n3,00,000<\/td>\n<\/tr>\n
              Income from house property<\/td>\n2,50,000<\/td>\n<\/tr>\n
              Interest on fixed deposit<\/td>\n1,00,000<\/td>\n<\/tr>\n
              Gross total income<\/strong><\/td>\n6,50,000<\/strong><\/td>\n<\/tr>\n
              Less: Deduction under section 80C<\/td>\n1,50,000<\/td>\n<\/tr>\n
              Total income<\/strong><\/td>\n5,00,000<\/strong><\/td>\n<\/tr>\n
              Income-tax (nil below Rs 5 lakh)<\/td>\nNIL<\/td>\n<\/tr>\n
              Less: Rebate u\/s 87A<\/td>\nNIL<\/td>\n<\/tr>\n
              <\/td>\nNIL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Surcharge applicable to the individuals covered in Part I, II and III:<\/h2>\n\n\n\n\n\n\n\n\n
              Income limit<\/strong><\/td>\nSurcharge Rate on the amount of income tax<\/strong><\/td>\n<\/tr>\n<\/thead>\n
              Net income exceeds Rs 50 lakh but doesn\u2019t exceed Rs 1 crore<\/td>\n10%<\/td>\n<\/tr>\n
              Net income above Rs 1 crore but doesn\u2019t exceed Rs 2 crore<\/td>\n15%<\/td>\n<\/tr>\n
              Net income exceeds Rs 2 crore but doesn\u2019t exceed Rs 5 crore<\/td>\n25%<\/td>\n<\/tr>\n
              Net income exceeds Rs 5 crore<\/td>\n37%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Income Tax Slabs for Domestic Companies for FY 2019-20 \u2013 Part IV<\/h2>\n\n\n\n\n\n\n\n\n
              Turnover Particulars<\/strong><\/td>\nTax Rate<\/strong><\/td>\n<\/tr>\n
              Gross turnover upto 400 Cr. in the FY 2017-18<\/td>\n25%<\/td>\n<\/tr>\n
              Gross turnover exceeding 400 Cr. in the FY 2017-18<\/td>\n30%<\/td>\n<\/tr>\n
              Where the company opted for Section 115BA<\/td>\n25%<\/td>\n<\/tr>\n
              Where the company opted for Section 115BAA<\/td>\n22%<\/td>\n<\/tr>\n
              Where the company opted for Section 115BAB<\/td>\n15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              In addition cess and surcharge is levied as follows:<\/p>\n

              Cess: 4% of corporate tax<\/p>\n

              Surcharge applicable:<\/p>\n\n\n\n\n\n
              Income Limit<\/strong><\/td>\nSurcharge Rate on the amount of income tax<\/strong><\/td>\n<\/tr>\n
              Net income exceeds Rs.1 Crore but doesn\u2019t exceed Rs.10 Crore<\/td>\n7%<\/td>\n<\/tr>\n
              Net income exceeds Rs.10 Crore<\/td>\n12%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              However, the rate of surcharge in case of a company opting for taxability under Section 115BAA or Section 115BAB shall be 10% irrespective of amount of total income.<\/p>\n

              Tax slabs and tax rates for AY 2019-20 (FY 2018-19):<\/h2>\n

              Income Tax Slabs for Individual Tax Payers & HUF (Less Than 60 Years Old) for FY 2018-19 \u2013 Part I<\/h2>\n\n\n\n\n\n\n\n\n
              Income Tax Slabs<\/strong><\/td>\nTax Rate for Individual & HUF Below the Age Of 60 Years<\/strong><\/td>\n<\/tr>\n<\/thead>\n
              Up to \u20b92,50,000*<\/td>\nNil<\/td>\n<\/tr>\n
              \u20b92,50,001 to \u20b95,00,000<\/td>\n5% of total income exceeding \u20b92,50,000<\/td>\n<\/tr>\n
              \u20b95,00,001 to \u20b910,00,000<\/td>\n\u20b912,500 + 20% of total income exceeding \u20b95,00,000<\/td>\n<\/tr>\n
              Above \u20b910,00,000<\/td>\n\u20b91,12,500 + 30% of total income exceeding \u20b910,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Income Tax Slabs for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2018-19 \u2013 Part II<\/h2>\n\n\n\n\n\n\n\n
              Income Tax Slabs<\/td>\nTax Rate for 60 Years Old Or More but Less than 80 Years Old<\/td>\n<\/tr>\n
              Income up to Rs 3,00,000*<\/strong><\/td>\nNo tax<\/strong><\/td>\n<\/tr>\n
              Income from Rs 3,00,000 \u2013 Rs 5,00,000<\/td>\n5%<\/td>\n<\/tr>\n
              Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n20%<\/td>\n<\/tr>\n
              Income more than Rs 10,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note : An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Income Tax Slabs for Super Senior Citizens(80 Years Old Or More) for FY 2018-19 \u2013 Part III<\/h2>\n\n\n\n\n\n\n
              Income Tax Slabs<\/td>\nTax Rate for Super Senior Citizens (Aged 80 Years And Above)<\/td>\n<\/tr>\n
              Income up to Rs 5,00,000*<\/strong><\/td>\nNo tax<\/strong><\/td>\n<\/tr>\n
              Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n20%<\/td>\n<\/tr>\n
              Income more than Rs 10,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note: An additional 4% Health & education cess will be applicable on the tax amount calculated as above.<\/p>\n

              Surcharge applicable to the individuals covered in Part I, II and III:<\/strong><\/p>\n\n\n\n\n\n
              Income limit<\/strong><\/td>\nSurcharge Rate on the amount of income tax<\/strong><\/td>\n<\/tr>\n
              Net income exceeds Rs.50 Lakhs but doesn\u2019t exceed Rs. 1 Crore<\/td>\n10%<\/td>\n<\/tr>\n
              Net income exceeds Rs.1 Crore<\/td>\n15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Income Tax Slabs for Domestic Companies for FY 2018-19 \u2013 Part IV<\/h2>\n\n\n\n\n\n
              Turnover Particulars<\/strong><\/td>\nTax Rate<\/strong><\/td>\n<\/tr>\n
              Gross turnover upto 250 Cr. in the FY 2016-17<\/td>\n25%<\/td>\n<\/tr>\n
              Gross turnover exceeding 250 Cr. in the FY 2016-17<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              In addition cess and surcharge is levied as follows: Cess: 4% of corporate tax<\/p>\n

              Surcharge applicable:<\/p>\n\n\n\n\n\n
              Income Limit<\/strong><\/td>\nSurcharge Rate on the amount of income tax<\/strong><\/td>\n<\/tr>\n
              Net income exceeds Rs.1 Crore but doesn\u2019t exceed Rs.10 Crore<\/td>\n7%<\/td>\n<\/tr>\n
              Net income exceeds Rs.10 Crore<\/td>\n12%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

              Income Tax Slab Tax Rate Up to Rs 2.5 lakh NIL Rs 2.5 lakh to Rs 5 lakh 5% (Tax rebate of Rs 12,500 available under section 87A) Rs 5 lakh to Rs 7.5 lakh 10% Rs 7.5 lakh to Rs 10 lakh 15% Rs 10 lakh to Rs 12.5 lakh 20% Rs 12.5 lakh …<\/p>\n

              Income Tax Slabs Rates in India for F.Y. 2020-21<\/span> Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/posts\/25288"}],"collection":[{"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/comments?post=25288"}],"version-history":[{"count":1,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/posts\/25288\/revisions"}],"predecessor-version":[{"id":25289,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/posts\/25288\/revisions\/25289"}],"wp:attachment":[{"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/media?parent=25288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/categories?post=25288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiataxations.in\/index.php\/wp-json\/wp\/v2\/tags?post=25288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}