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Income tax brackets india 2020. B health and education cess. This gives an individual taxpayer the option to either continue with the existing tax regime with tax exemptions deductions or opt for the new tax regime sans 70 tax exemptions and deductions. Here are the income tax slab rates for the financial year 2019 20 relevant to assessment year 2020 21 for resident individual below 60 years old huf and aop boi artificial juridical person senior citizens 60 years or more but less than 80 years senior citizens 80 years or more. Income tax slabs rates 2020 2021 the finance minister introduced new tax regime in union budget 2020 wherein there is an option for individuals and huf hindu undivided family to pay taxes at lower rates without claiming deductions under various sections.
Income tax slab 2020 21 with new slabs and rates. The new concessional income tax regime has come into effect from april 1 2020. Rnor and nr individuals are not subject to tax in respect to their income earned and received outside of india. Personal income tax rates.
Some of the highlights of income tax slab rates for fy 2019 20 assessment year 2020 21 income tax slab rates help you decide whether your income is taxable or not. This is subject to further notification 1 18 these rates will. Income tax brackets in india for fy 2020 21 ay 2021 22 updated on november 15 2020 11028 views. The slab rates applicable to individuals for fy 2020 21 are as follows.
Taxable income inr tax on column 1 inr tax on excess over column 1 not over. The new income tax regime as per union budget 2020 offers tax rate reduction from 20 to 10 and from 30 to 20 as per relevant income tax slabs. The finance minister has introduced many changes in the income tax slab rate for financial year 2019 2020 ay 2020 2021. Paying income tax is a duty of every indian citizen.
Under the new tax rates there will be 10 tax levied for incomes between 5 7 5 lakh per annum 15 for 7 5 10 lakh per annum bracket 20 for 10 12 5 lakh per annum 25 tax for income between 12 5 lakh to 15 lakh 30 tax for income above 15 lakh. Income tax rates applicable in case of domestic companies for assessment year 2020 21 and 2021 22 are as follows. Fm has announced a new income tax regime following which individuals will have to pay lower taxes for fy 2020 21 onwards as compared the current tax laws. Income tax slab rates are decided and governed by income tax act 1961 and are subject to change every year.
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