Income Tax Slabs and Tax Rate in India for FY 2019-2020 – Income Tax Slabs and Tax Rate in India for AY 2020-2021
Income Tax Rates FY 2020-21 in India – Revision of IT Rate Slab AY 2021-22
The new and revised Income Tax slab rates for individual taxpayers are categorized in three segments:
- Individuals below age 60 years
- Senior Citizens above age 60 years and below age 80 years
- Super Senior Citizens above age 80 years
Income Tax Rate Slab under new tax regime for all individuals for AY 2021-22
- Up to Rs. 2,50,000: No Tax
- Rs. 2,50,000 to Rs. 5,00,000: 5%*
- Rs. 5,00,000 to Rs.7,50,000: 10%
- Rs. 7,50,000 to Rs. 10,00,000: 15%
- Rs. 10,00,000 to Rs. 12,50,000: 20%
- Rs. 12,50,000 to Rs. 15,00,000: 25%
- Rs. 15,00,000 and above: 30%
*Tax rebate of Rs 12,500 available under section 87A
Income Tax Slab Table 2020-2021
| Income Tax Slab | New Regime | Old Regime |
| Rs. 0 – Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 – Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 – Rs. 7,50,000 | Rs. 12500 + 10% of total income exceeding Rs. 5,00,000 | Rs. 12500 + 20% of total income exceeding Rs. 5,00,000 |
| Rs. 7,50,001 – Rs. 10,00,000 | Rs. 37500 + 15% of total income exceeding Rs. 7,50,000 | Rs. 62500 + 20% of total income exceeding Rs. 7,50,000 |
| Rs. 10,00,001 – Rs. 12,50,000 | Rs. 75000 + 20% of total income exceeding Rs. 10,00,000 | Rs. 112500 + 30% of total income exceeding Rs. 10,00,000 |
| Rs. 12,50,001 – Rs. 15,00,000 | Rs. 125000 + 25% of total income exceeding Rs. 12,50,000 | Rs. 187500 + 30% of total income exceeding Rs. 12,50,000 |
| Above Rs. 15,00,000 | Rs. 187500 + 30% of total income exceeding Rs. 15,00,000 | Rs. 262500 + 30% of total income exceeding Rs. 15,00,000 |
Latest Updates on Income Tax News:
- Special Allowance in India – Rates and Exemption from Income Tax
- Income Tax Calculator – Pre & Post Budget 2017
- Income Tax Calculator AY 2019-20 for Salaried Employees
- Income Tax Employees will observe one day strike on 8.10.2015 – Charter of Demands
- Income Tax Slab Rates for Government Employees
- Income Tax Slabs and Rates – Tax Brackets in India
- Income Tax Slabs and Tax Rate in India for FY 2020-21
- Income Tax Slabs for FY 2017-18 (AY 2018-19)
- List of Guest House of Income Tax Department
- Expected Income Tax Rate Slabs FY 2017-18
Income Tax Latest Updates 2020
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