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You are here: Home / INCOME TAX / Income Tax Deduction from Salaries in 2020-21 Under Section 192 of Income Tax Act 1961
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Income Tax Deduction from Salaries in 2020-21 Under Section 192 of Income Tax Act 1961

December 7, 2020 admin Leave a Comment

The Department of Revenue published a detailed notification about the deduction of Income Tax from salaries during the financial year 2020-21 with latest Income Tax Rates Table.

F.No.275/19212020-IT(B)
Government of India
Ministry of Finance
Deportment of Revenue
Central Board of Direct Taxes

North Block. New Delhi
Dated the 3th December 2020

SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2020-21 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961.

Reference is invited to Circular No. 4/2020 dated 16.01.2020 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section 192 of the Income-tax Act. 1961 (hereinafter ‘the Act). during the financial year 2019.20. were intimated. The present Circular contains the rates of deduction of income-tax from the payment of income chargeable under the head “Salaries” during the financial year 2020-21 and explains certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter the Rules). All the sections and rules referred arc of Income-tax Act. 1961 and Income-tax Rules, 1962 respectively unless otherwise specified. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax Department www.incometaxindia.gov.in

2. RATES OF INCOME-TAX AS PER FINANCE ACT, 2020:

As per the Finance Act, 2020, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2020-21 (i.e. Assessment Year 2021-22) at the following rates:

2.1 Rates of Tax

A. Normal Rates of Tax

SI
No
Total Income Rate of tax
1 Where the total income does not exceed Rs. 2.50.000/-. Nil
2 Where the total income exceeds Rs. 2.50.000/- but does not exceed Rs. 5,00,000/-. 5 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5.00.000/- but does not exceed Rs. 10,00,000/-. Rs. 12.500/- plus 20 per cent of die amount by which the total income exceeds Its. 5.00.000/-.
4 Where the total income exceeds Rs. 10,00,000/- Rs. 1,12,500/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00.000/-

B. Rates of tax for every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

SI No Total Income Rate of tax
1 Where the total income does not exceed Rs. 3.00,000/- Nil
2 Where the total income exceeds Its. 3,00.000 but does not exceed Its. 5,00,000/- 5 per cent of the amount by which the total income exceeds Rs. 3,00,000/-
3 Where the total income exceeds Its. 5,00.000/- but does not exceed Rs. 10,00,000/- Rs. 10,0001- plus 20 per cent of the amount by which the total income exceeds Rs. 5.00.000/-.
4 Where the total income exceeds Its. 10.00.000/- Rs. 1.10.000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10.00.000/-

C. In ease of even individual, being a resident in India, who is of the age of eighty years or more at any time during the financial year:

SI No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/- Nil
2 Where the total income exceeds Its. 5.00.000 but does not exceed Rs. 10.00.000/- 20 per cent of the amount by which the total income exceeds Its. 5,00.000/-
4 Where the total income exceeds Rs. 10.00.000/- Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Its. 10,00,000/-

 Click to View or PDF Download the Latest Income Tax Rates Table 2020-21


Also Check: Central Government Pay Matrix Table 2022 PDF
Related updates:

    RATES OF INCOME-TAX AS PER FINANCE ACT, 2013
    Income Tax Circular 2019 – Income Tax Rates AY 2019-20
    Income Tax Circular 2019 – Tax Deduction from Salaries with Illustrations
    Exercising option for deduction of TDS under old and new rates of Income Tax for the Financial Year 2020-21
    Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act 1961
    Clarification regarding scope of additional income-tax on distributed Income under section 115R of the Income-tax Act -regarding.
    Income Tax Slabs and Tax Rate for Assessment Year 2020-2021
    Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax
    No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16

Filed Under: INCOME TAX

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