What is the new income tax slab for 2021-22?
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 tax slab for 2020?
Income tax slab rate applicable for New Tax regime – FY 2020-21.
| Income Tax Slab | New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF) |
|---|---|
| Rs 0.0 – Rs 2.5 Lakhs | NIL |
| Rs 2.5 lakhs- Rs 3.00 Lakhs | 5% (tax rebate u/s 87a is available) |
| Rs. 3.00 lakhs – Rs 5.00 Lakhs | |
| Rs. 5.00 lakhs- Rs 7.5 Lakhs | 10% |
What is the tax slab for 2021?
New Income Tax Slab for FY 2020-21 & AY 2021-22
| Annual Income | New Tax Regime | Old Tax Regime |
|---|---|---|
| Rs.2.5 lakh – Rs.5 lakh | 5%* | 5%* |
| Rs.5 lakh – Rs.7.5 lakh | 10% | 20% |
| Rs.7.5 lakh – Rs.10 lakh | 15% | 20% |
| Rs.10 lakh – Rs.12.5 lakh | 20% | 30% |
What are the slabs of income tax?
Income Tax Slabs & Rates 2020-2021
| Income Tax Slab | Tax rates as per new regime |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹ 5,00,000 | 5% |
| ₹5,00,001 – ₹ 7,50,000 | ₹12500 + 10% of total income exceeding ₹5,00,000 |
| ₹7,50,001 – ₹ 10,00,000 | ₹37500 + 15% of total income exceeding ₹7,50,000 |
What is 87A under income tax?
The rebate under Section 87A was first proposed in the year 2013 and has been in effect for several years, with it being updated as recently as 2019. Under the latest provisions of Section 87a, any individual with an annual taxable income of up to Rs 5 lakhs is eligible for an income tax rebate of Rs 12,500.
What is the 80C limit for 2020 21?
The eligible taxpayers can claim deductions of maximum amount up to ₹ 1.50 Lakh per year. Both individuals and HUFs are eligible for income tax deductions under 80C. This section includes the following investments and expenses: Investment in PPF: You can claim a deduction for investment made in PPF account.
How can I save tax on 2020-21?
Tips for Saving Tax in FY 2020-21
- Invest in Equity-Linked Saving Scheme (ELSS)
- Invest in the National Pension Scheme.
- Invest in Sukanya Samriddhi Yojna.
- Know When to Opt for the New Tax Regime.
How can I save my income tax 2020-21?
Let’s dive in!
- Ways to save on your income taxes.
- Contribute to the National Pension System (NPS)
- Get deduction on interest paid on your home loan.
- Secure some amount for future.
- National Saving Certificate.
- Pay for health insurance.
- Contribute a bit into charitable institutions.
- Public Provident Fund (PPF)
What is the rebate for AY 2020-21?
Rs 12,500
The rebate amount for AY 2020-21 is unchanged under the new and old tax regimes. The individual resident taxpayer with taxable income less than Rs 5 lakhs gets a total rebate of Rs 12,500 or the tax payable when it is less than Rs 12,500.
What is the income tax on a salary of Rs 5 lakhs per annum?
Income tax calculator for FY2021-22
| Taxable income slabs | Income tax rates and cess |
|---|---|
| Up to Rs 5 lakh | Nil |
| Rs 5,00,001 to Rs 10,00,000 | 20% of (Total income minus Rs 5,00,000) + 4% cess |
| Rs 10,00,001 and above | Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess |
What is 80C in income tax 2020-21?
* Child may be married/unmarried, dependent or not on the Individual. For HUF – A deduction would be allowed on the premium paid by HUF for any of its members of the family.
What are the income tax slabs for FY 2010?
Updated Income Tax Slabs for individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI) for FY 2010-11 1.
Which is the last 20 years income tax slab?
Income Tax Slab of Last 20 Years From AY ‘2001–2002’ to AY ‘2021–2022’. Understanding Income Tax Slab before calculation and assessment of tax is very important for tax expert as well as a common man. Let’s begin with the bottom: Processing… Processing… Also, Read Mistake rectification under section 154 of income tax act.
Is it mandatory to pay income tax slab?
Income Tax Slabs Income tax payment for individuals and corporate entities is a mandatory requirement as per the Income Tax Act, 1961 if their annual income is above the minimum exemption limit. However, taxpayers can also avail tax benefits under various sections of the Act.
Are there any changes in income tax slabs in 2019?
As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20. ✅ Is the due date for filing tax return same for all taxpayers? No.
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