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Income tax rate financial year 2020 21. Surcharge is levied 12 on the amount of income tax where net income exceeds rs. Enter your email address. What are the income tax rates applicable for fy 2020 21. 7 min 266 11.
The rates for deduction of income tax at source during the fy 2020 21 from certain incomes other than salaries have been specified in part ii of the first schedule to the bill. Health and education cess at the rate of 4 per cent will be added to the income tax liability in all cases. Normal income tax rates applicable to a partnership firm llp for financial year 2019 20 2020 21 a firm is taxed at a flat rate of 30. Income tax calculator f y 2020 21 is very useful the sheet analysis old new tax regime is wonderful as it is giving the analysis at finger tips colour coding blue and other two colours indicating different positions is really beautiful thanks a lot.
Surcharge is levied on incomes above rs 50 lakh. Rates for deduction of income tax at source during the financial year fy 2020 21 from certain incomes other than salaries. As per finance act 2020 following are the income tax rates incomes for fy 2020 21 ay 2021 22. 2 50 000 rs.
Senior citizen who is 60 years or more at any time during the previous year net income range. Apart from tax 30 health and education cess is levied 4 of income tax. Assessment year is the year that immediately follows the financial year. All you need to know about income tax rates financial year 2020 21 the individual can calculate his tax liability under both the old as well as the new tax regimes.
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