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Income tax slab rates are decided and governed by income tax act 1961 and are subject to change every year.
Income tax brackets 2020 india. Income tax rates applicable in case of domestic companies for assessment year 2020 21 and 2021 22 are as follows. Personal income tax rates. Income tax brackets in india for fy 2020 21 ay 2021 22 updated on november 15 2020 11028 views. As amended by finance act 2020 surcharge.
The amount of income tax and the applicable surcharge shall be further increased by health and education cess calculated at the rate of four percent of such income tax and surcharge. Under the new rates individuals who are earning up to rs 5 lakh will not need to pay any tax. The slab rates applicable to individuals for fy 2020 21 are as follows. The tax rate shown in the table for pre budget 2020 is for those having income above inr 5 lakh post eligible tax deductions.
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. Income tax slabs tax rate in india for fy 2020 21 budget 2020 revised slabs. Taxable income inr tax on column 1 inr tax on excess over column 1 not over. Rnor and nr individuals are not subject to tax in respect to their income earned and received outside of india.
B health and education cess. Surcharge is levied on the amount of income tax at following rates if total income of an assessee exceeds specified limits rate of surcharge assessment year 2021 22 assessment year 2020 21. Income tax rates slashed by the government in budget 2020. The tax rate for individuals post budget 2020 will be nil for individuals earning upto inr 5 lakh a year.
Under the income tax act 1961 the percentage of income payable as tax is based on the amount of income you ve earned during a year. 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. Paying income tax is a duty of every indian citizen. If the income after deductions remains inr 5 lakh and below there won t be any tax.
Individuals who are earning between rs 5 lakh and rs 7 5 lakh will have to pay 10. This is subject to further notification 1 18 these rates will. As a taxpayer you can choose between the new and the old income tax regime for the fy financial year 2020 2021. 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.
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