New Income Tax Slab Rates for F.Y 2020-21 | A.Y 2021-22 Financialtaxhelp

New Income Tax slabs for F.Y 2020-21 | A.Y 2021-22

OPTION 1- OLD TAX REGIME with deductions & exemptions:

An Individual whether an Indian resident or non-resident Indian who is less than 60 years of age will be considered as Non-Senior Citizen and would be taxed at the following rates depending upon the slabs of income.

Income Tax SlabsTax rate
Upto Rs. 2.5 lakhNil
2.5 lakh to 5 lakh5%
5 lakh to 10 lakh20%
Above 10 lakh30%

Option 2 -NEW TAX REGIME with no deductions no exemptions:

An Individual whether an Indian resident or non-resident Indian who is less than 60 years of age will be considered as Non-Senior Citizen and would be taxed at the following rates depending upon the slabs of income.

Income SlabsTax rate
Upto Rs. 2.5 lakhNil
2.5 lakh to 5 lakh5%
5 lakh to 7.5 lakh10%
7.5 lakh to 10 lakh15%
10 lakh to 12.5 lakh20%
12.5 lakh to 15 lakh25%
Above 15 lakh30%

New Income Tax Slab Rates for F.Y 2020-21 | A.Y 2021-22 By Pradeep Malviya

Leave a Reply