Income Tax Deductions For Ay 2020 21 Pdf

After budget 2019 speech here is summary of income slabs deductions under income tax which will be applicable from 1 4 2020 i e for ay 2020 21 return filling.
Income tax deductions for ay 2020 21 pdf. The new income tax slab ay 2021 22 rates under the new tax regime is not a category by age group. Latest income tax slab rates fy 2020 21 ay 2021 22. As per itr 1 sahaj form ay 2020 21 instructions issued by income tax department this return form can be used by an individual who is a resident other than not ordinarily resident whose total income for the assessment year 2020 21 does not exceed rs. Under a new tax regime you cannot claim up to 70 income tax deductions while calculating taxes.
5 crores to rs. 50 lakhs to rs. 1 crore to rs. 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 range of income range of income rs.
The limit of tax deduction allowed for fy 2017 18 for senior citizens was rs. For all individuals below 60 years 60 to 80 years and above 80 years. Itr 1 sahaj form ay 2020 21 instructions. 50 lakh and who has income under the following heads.
In budget 2018 it has been proposed to raise the maximum tax deduction limit for senior citizens under section 80d of the indian income tax act 1961. Health insurance senior citizens. 30 000 which was increased to rs 50 000 from fy 2018 19 ay 2019 20 onwards. Offering an optional lower rate of income tax to individuals finance minister nirmala sitharaman in the budget 2020 21 proposed new income tax slabs of 15 and 25 in addition to the 10 20 and 30 slab rates.