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2 5 lacs to rs.
Income tax rate fy 2020 21. According to the income tax slabs for fy 2020 21 a certain amount of income tax will be deducted from the salaries of individuals earning more than pkr 600 000 per annum. 2 5 lacs no tax no tax over rs. Income tax rates applicable in case of domestic companies for assessment year 2020 21 and 2021 22 are as follows. Income tax rates in case of an individual resident or non resident or huf or association of person or body of individual or any other artificial juridical person for financial year 2020 21 assessment year 2021 22.
Effective from fy 2020 21 the individual tax assessee will have an option to go for new tax slab rates by forgoing the existing income tax deductions and exemptions like hra section 80c home loan tax benefits etc. 5 lacs 5 5 over rs. 5 lacs to rs. 7 5 lacs 10.
Latest income tax slab rates in pakistan for fiscal year 2020 21 latest income tax slab rates in pakistan. Further during the year your employer has contributed rs 60 000 to your nps account which is eligible for deduction under section 80ccd 2. 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. 2 50 000 to rs 5 00 000.
New income tax rate fy 2020 21 ay 2021 22 old income tax rate fy 2019 20 now optional from fy2020 21. In case of an individual resident or non resident or huf or association of person or body of individual or any other artificial juridical person. This is subject to further notification 1 18 these rates will. Income tax slabs tax rate in india for fy 2020 21 budget 2020 revised slabs.
Suppose your total income in fy 2020 21 is rs 16 lakh. In budget 2020 fm announced a proposal of a new income tax rates regime where a salaried person not having income from business or profession can opt for and calculate the income tax liability in a simpler way without going much into the technical calculations. Latest income tax slab rates fy 2020 21. Income tax slabs for fy 2020 21 ay 2021 22 leave a comment budget budget 2020 capital gain tax income tax investment plan taxes by amit february 3 2020 february 3 2020 your income from salary business or other income like income from fixed recurring deposits etc are taxed as per income tax slabs.
B health and education cess. The calculation of income tax that you are liable to pay under the new tax regime can be explained with an example.
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