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Income Tax Slab for FY 2020-21

In this new income tax regime, taxpayers have been given an option to choose either pay income tax at lower rates as per the new income tax regime on the condition that they forgo certain permissible exemptions and deductions available under the income tax act or continue to pay income tax under the existing tax rates. The taxpayer can avail of rebates and exemptions by staying in the old regime and paying tax at the existing higher rates. We have given below comparison of old and new tax regime for all: 
 
1. Income Tax Slab for Individuals for FY 20-21:
 
 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.2.5 lakh
Nil
Nil
 Rs.2.5 lakh - Rs.5 lakh
5%
5%
 Rs.5 lakh - Rs.7.5 lakh
10%
20%
 Rs.7.5 lakh - Rs.10 lakh
15%
 Rs.10 lakh - Rs.12.5 lakh
20%
30%
 Rs.12.5 lakh - Rs.15 lakh
25%
 Above Rs.15 lakh
30%
 
⎆ An additional 4% Health & education cess will be applicable on the tax amount calculated as above in both regimes.
⎆ Surcharge (same in both regimes):
    10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
    15% of income tax, where the total income exceeds Rs.1 crore.
⎆ Rebate u/s 87A ( no tax will be payable on total income upto Rs.5 lakh in both regimes)
⎆ Certain income tax exemptions and deductions such as 80C, 80D, HRA etc. not be available under the new tax regime.

2. Income Tax Slab for Senior Citizens for FY 20-21:

Taxpayers above 60 years of age and less than 80 years of age are considered as Senior Citizens as per the Income Tax Act, 1961
 
 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.2.5 lakh
Nil
Nil
 Rs.2.5 lakh - Rs.3 lakh
5%
Nil
 Rs.3 lakh - Rs.5 lakh
5%
5%
 Rs.5 lakh - Rs.7.5 lakh
10%
20%
 Rs.7.5 lakh - Rs.10 lakh
15%
 Rs.10 lakh - Rs.12.5 lakh
20%
30%
 Rs.12.5 lakh - Rs.15 lakh
25%
 Above Rs.15 lakh
30%
 
⎆ An additional 4% Health & education cess will be applicable on the tax amount calculated as above in both regimes.
⎆ Surcharge (same in both regimes):
    10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
    15% of income tax, where the total income exceeds Rs.1 crore.
⎆ Rebate u/s 87A ( no tax will be payable on total income upto Rs.5 lakh in both regimes)
⎆ Certain income tax exemptions and deductions such as 80C, 80D, HRA etc. not be available under the new tax regime.

3. Income Tax Slab for Super senior citizens for FY 20-21:

Taxpayers above 80 years of age are super senior citizens, super senior citizens will be required to pay taxes as per the income tax slab FY 2020-21 & AY 2021-22 as below:
 
 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.2.5 lakh
Nil
Nil
 Rs.2.5 lakh - Rs.5 lakh
5%
 Rs.5 lakh - Rs.7.5 lakh
10%
20%
 Rs.7.5 lakh - Rs.10 lakh
15%
 Rs.10 lakh - Rs.12.5 lakh
20%
30%
 Rs.12.5 lakh - Rs.15 lakh
25%
 Above Rs.15 lakh
30%
 
⎆ An additional 4% Health & education cess will be applicable on the tax amount calculated as above in both regimes.
⎆ Surcharge (same in both regimes):
    10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
    15% of income tax, where the total income exceeds Rs.1 crore.
⎆ Rebate u/s 87A ( no tax will be payable on total income upto Rs.5 lakh in both regimes)
⎆ Certain income tax exemptions and deductions such as 80C, 80D, HRA etc. not be available under the new tax regime.

4. Income Tax Slab for Non-Resident Individuals for FY 20-21:

 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.2.5 lakh
Nil
Nil
 Rs.2.5 lakh - Rs.5 lakh
5%
5%
 Rs.5 lakh - Rs.7.5 lakh
10%
20%
 Rs.7.5 lakh - Rs.10 lakh
15%
 Rs.10 lakh - Rs.12.5 lakh
20%
30%
 Rs.12.5 lakh - Rs.15 lakh
25%
 Above Rs.15 lakh
30%
 
⎆ An additional 4% Health & education cess will be applicable on the tax amount calculated as above in both regimes.
⎆ Surcharge (same in both regimes):
    10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
    15% of income tax, where the total income exceeds Rs.1 crore.
⎆ Rebate u/s 87A ( no tax will be payable on total income upto Rs.5 lakh in both regimes)
⎆ Certain income tax exemptions and deductions such as 80C, 80D, HRA etc. not be available under the new tax regime.

5. Income Tax Slab for Hindu Undivided Family (HUF) for FY 20-21:

 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.2.5 lakh
Nil
Nil
 Rs.2.5 lakh - Rs.5 lakh
5%
5%
- Rs.5 lakh - Rs.7.5 lakh
10%
20%
 Rs.7.5 lakh - Rs.10 lakh
15%
 Rs.10 lakh - Rs.12.5 lakh
20%
30%
 Rs.12.5 lakh - Rs.15 lakh
25%
 Above Rs.15 lakh
30%
 
⎆ An additional 4% Health & education cess will be applicable on the tax amount calculated as above in both regimes.
⎆ Surcharge (same in both regimes):
    10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
    15% of income tax, where the total income exceeds Rs.1 crore.
⎆ Rebate u/s 87A ( no tax will be payable on total income upto Rs.5 lakh in both regimes)
⎆ Certain income tax exemptions and deductions such as 80C, 80D, HRA etc. not be available under the new tax regime.

6. Income Tax Slab for Co-operative Society for FY 20-21:

 Annual Income
New Tax Regime
 Old Tax Regime
 Up to Rs.10000
22%*
10%
 Rs.10000 - 20000
20%
 Above Rs.20000
30%
 
Old Regime:
⎆ Surcharge: @12% of such tax where total team > Rs 1 crore. (Subject marginal relief)
⎆ Health & Education Cess: is levied at the rate of 4% on such income-tax plus surcharge.
 
New Regime:
The resident co-operative society have an option to opt for taxation under Section 115 BAD of the Income-tax Act w.e.f. the assessment Year 2021-22 after fulfilling the prescribed condition. The societies opting for this section are exempt from MAT 
⎆ Tax rate 22%
⎆ Surcharge is applicable @ 10%.
⎆ Health & Education Cess is levied at the rate of 4% on such income-tax plus surcharge.

7. Income Tax Slab for Indian Company for FY 20-21:

⮞ Companies with Gross receipts more than Rs. 400 crore: Tax would be levied @30% + 4% Cess + Surcharge at applicable rates.
⮞ Companies with Gross receipts upto Rs. 400 crore: Tax would be levied @25% + 4% Cess + Surcharge at applicable rates.
 
⮞ The domestic companies can alternatively choose to pay tax under the following reduced rates:
    ⎆ Section 115BAA (domestic companies) - tax would be levied @22% + 4% Cess + 10% Surcharge
    ⎆ Section 115BAB (manufacturing companies)- tax would be levied @15% + 4% Cess + 10% Surcharge
    ⎆ A Manufacturing generating company can now opt for Section 115BAB as proposed by the Budget 2020
    ⎆ Certain exemptions and deductions + provisions of MAT will not be applicable in case of these reduced rates

8. Income Tax Slab for Foreign Company for FY 20-21:

In case of royalty received from government or Indian concern or technical fees as per agreement approved by the Central Government:
 
⎆ Tax would be levied @50% + 4% Cess + Surcharge at applicable rates.
⎆ Any other Income: Tax would be levied @40% + 4% Cess + Surcharge at applicable rates.

Benefits of filing Income Tax Return

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FAQs

Depending on the category you fall into, there are seven Income Tax Return (ITR) forms for you to choose from for filing your return for the assessment year 2021-22 ( FY 2020-21). Out of these, five are meant for individual taxpayers, depending on their income level, sources of income.
He/ She is officer of the Income tax department who has been given jurisdiction over a particular geographical area in a city, town or over a class of persons. You can find out from the PRO or from the Departmental website http://www.incometaxindia.gov.in.
No, the new tax regime is an optional & introduced to simplify the tax filing. The taxpayer has an option to either choose a new regime or continue with the old tax regime.
It is easy to take online route, physical process is laborious. For physical process download, print and sign the hard copy before sending it to Income Tax CPC, Bengaluru, by post. On the other hand, e-verification takes just a few minutes. You can use Aadhaar-OTP or your internet banking.
Income Tax Return

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₹499.0
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  • Multiple Form 16 is covered

  • Discussion with tax expert

Capital Gain Income
₹599.0
Features
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  • Includes income from Games, Awards and Lottery

  • Covers Salary, House Rent Property, Dividend and Other Incomes

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₹1499.0
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  • DTAA/Tax Relief computation by tax expert

  • Income earned in India for NRE, NRO A/c

  • Income earned by resident outside India

  • Discussion with tax expert

Share Market Traders
₹1499.0
Features
  • Income from Future & Options (FO) and Intraday

  • Covers multiple broker accounts

  • Audit fees and DSC is not included (if applicable)

  • Discussion with tax expert

Income from Business
₹1999.0
Features
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  • Preparation of financial statements

  • Audit fees and DSC is not included (if applicable)

  • Covers presumptive income

  • Discussion with tax expert

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₹799.0
Features
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  • This package includes salary, House property, Capital gain and other Incomes

  • Audit fees and DSC is not included (if applicable)

  • Discussion with tax expert

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