What is the income tax slab for AY 2020-21?
New Income Tax Slab for FY 2020-21 & AY 2021-22
| Annual Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Rs.7.5 lakh – Rs.10 lakh | 15% | 20% |
| Rs.10 lakh – Rs.12.5 lakh | 20% | 30% |
| Rs.12.5 lakh – Rs.15 lakh | 25% | 30% |
| Above Rs.15 lakh | 30% | 30% |
What is the new income tax slab for 2021-22?
Old taxation regime: Here are the tax slab rates for individuals less than 60 years old:
| Income range | Assessment year 2021-22 |
|---|---|
| Up to Rs. 250000 | |
| Rs. 250000 to Rs. 5 lakh | 5% |
| Rs. 5 lakh to Rs. 10 lakh | 20% |
| Above Rs. 10 lakh | 30% |
What is the standard deduction for AY 2021-22?
Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less.
What is the income tax slab for AY 2022 23?
Income Tax Rates for Financial Year 2021-22 / AY 2022-23
| Total Income (Rs) | Rate |
|---|---|
| Up to 2,50,000 | Nil |
| From 2,50,001 to 5,00,000 | 5% |
| From 5,00,001 to 7,50,000 | 10% |
| From 7,50,001 to 10,00,000 | 15% |
How can I save tax on FY 2021 22?
8 Ways to Save Income Tax Under Section 80C
- Life Insurance. Life Insurance does not only provide full life coverage, but it is also the best way to save Taxes.
- ULIP’s.
- Mutual Funds.
- Tax Saving Fixed Deposit.
- SCSS or Senior Citizens Savings Scheme.
- Provident Fund.
- National Saving Certificates.
Which is the current slab rate for income tax?
For financial year 2019-2020, the income tax slab rates are following: Health and education cess of 4% is applicable on the amount of tax calculated, inclusive of surcharge. For financial year 2019-2020, the income tax slab rates are following: Income tax slab rates for freelancers are same as individuals and HUFs.
Which is the tax slab for 2018-19 in India?
Income Tax Slab & Rate for FY 2018-19, 17-18 & 16-17. No tax for individuals with income less than ₹ 2,50,000. 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups. 20% tax with income ₹ 5 lacs to 10 lacs.
What’s the difference between old and new tax slabs?
With regards to income tax slabs, the old regime has higher tax rates and three tax slabs, whereas the new regime has lower tax rates and six tax slabs. Here is a look at the latest income tax slabs and rates for FY 2020-21 and FY 2021-22.
Which is the tax slab for non salaried person?
For non-salaried persons deriving income exceeding Rs400,000, eight taxable slabs of income with tax rates ranging from 5% to 35% are being introduced in the following manner: Where taxable income does not exceed Rs400,000, individuals will pay no tax.