Expected DA Calculator from January 2021 (Updated Nov 2020)Income Tax Rates and Slabs in India: The age of the individual is the factor to divide the slab rates in the Income Tax table. The age groups are up to age 60, age 60 to 80 and above age 80.
Income Tax Old Regime and New Regime
In Union Budget 2020-21, the news tax slab rate regime is optional and a taxpayer can choose to pay tax in the old regime.
Simple Income Tax Calculation with example
For example, an employee received an annual salary of Rs. 7,60,000. If he did not save on any instruments, tax calculation will be as follows…
He will have to pay Rs. 56,680 on his total income as per the old regime.
He will have to pay Rs. 39,000 on his total income as per the new regime.
New Taxable Income with Tax slab rates
- Up to Rs. 2.5 lacs – No Tax
- Rs. 2.5 to Rs. 5 lacs – 5%
- Rs. 5 to Rs. 7.5 lakh – 10%
- Rs. 7.5 to Rs. 10 lakh – 15%
- Rs. 10 to Rs. 12.5 lakh – 20%
- Rs. 12.5 to Rs. 15 lakh – 25%
- Above Rs. 15 lakh – 30%
Existing Income Taxable Income with IT slab tax rates
- 0 to Rs. 2.5 Lacs – Exempt
- Rs. 2.5 to Rs. 5 Lacs – 5%
- Rs. 5 to Rs. 7.5 Lakh – 20%
- Rs. 7.5 to Rs. 10 Lakh – 20%
- Rs. 10 to Rs. 12.5 Lakh – 30%
- Rs. 12.5 to Rs. 15 Lakh – 30%
- Above Rs. 15 Lakh – 30%
Income Tax Exemption in Old and New Regime
| Taxable Income Slab (Rs.) | New Tax Rates | Existing tax rates |
| Up to Rs. 2,50,000 | Exempt | Exempt |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 10% | 20% |
| Rs. 7,50,001 to Rs. 10,00,000 | 15% | 20% |
| Rs. 10,00,001 to Rs. 12,50,000 | 20% | 30% |
| Rs. 12,50,001 to Rs. 15,00,000 | 25% | 30% |
| Above Rs. 15,00,000 | 30% | 30% |
Income Tax Ready Reckoner Table FY 2020-21
Income Tax Ready Reckoner Comparison Table between New and Old regime calculation of the Financial Year 2020-21 for Government Employees in India. The table shows the tax in the old and new regimes for individual annual income from 5 lakh to 12 lakh. [Click to view the table]
Latest Developments on Income Tax
- Income Tax Deduction from Salaries in 2020-21 Under Section 192 of Income Tax Act 1961 December 7, 2020
- Reduction in rate of tax deduction at source (TDS) for the period from May 2020 to March 2021 November 12, 2020
- Income-Tax Exemption for LTC Cash Voucher Scheme October 30, 2020
- Extension of due date of furnishing of Income Tax Returns and Audit Reports October 24, 2020
- Due Date for Income Tax Return for AY 2019-20 Extended to 30 November 2020 October 1, 2020
- One-time relaxation for Verification of tax-returns from AY 2015-16 to 2019-20 which are pending due to non-filing of ITRV form and processing of such returns July 17, 2020
- New Income Tax Regime Declaration Form 2020-21 PDF Download for Government Employees July 3, 2020
- All ITR Forms for A.Y. 2020-21: Notification issued by CBDT on 29.5.2020 June 1, 2020
- Clarifications in respect of prescribed electronic modes under section 269SU of the Income-tax Act 1961 May 27, 2020
- Last date for filing Income Tax return for AY 2020-21 extended to November 30, 2020 May 14, 2020
- CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to COVID 19 April 19, 2020
- Clarification regarding short deduction of TDS/TCS due to increase in rates of surcharge by Finance (No.2) Act 2019 April 17, 2020
- Payment of salary to employees during the lockdown period can be adjusted against the CSR expenditure? April 13, 2020
- PM Care Fund Donation indicates in Form 16 under section 80G – CBDT Order April 12, 2020
- All Pending Income Tax Refunds Releases immediately up to 5 Lakh April 8, 2020
- Submission of form 15G and 15H to Banks – CBDT Clarification on 3.4.2020 April 5, 2020
- Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 April 1, 2020
- Disability Pension of Armed Forces Exempt from Income Tax February 26, 2020
- 10% of TDS Deduction only on Mutual Fund Dividend February 6, 2020
- Union Budget 2020 – New Personal Income Tax Slab Rates February 1, 2020
- Income Tax Slabs and Tax Rate for Assessment Year 2020-2021 November 18, 2019
- No Need to Submit Additional Documents for PAN Card, Aadhaar is sufficient to apply September 12, 2019
- Income Tax Due Date Extended to all Taxpayers from July to August 2019 July 24, 2019
- NC Staff Side Demand on exemption from payment of income tax to Pensioners July 18, 2019
- Union Budget 2020 – No change in Income Tax Slab July 5, 2019
- Children Education Allowance Income Tax Online Tools for CG Employees June 8, 2019
- Union Budget for 2019-20 on 5th July 2019 June 1, 2019
- CBDT Notification 2019 – Important Amendment in Form 16 April 22, 2019
- IT Returns Cannot be filed without Quoting Aadhaar – CBDT April 4, 2019
- Income upto Rs 5 Lakh to Get Full Tax Rebate February 1, 2019
- Rates of Income Tax for FY 2019-20 – Finance Bill 2019 February 1, 2019
- Highlights Of Interim Budget 2019-20 February 1, 2019
- Interim Budget 2019: No Need to Pay Income Tax up to 5 Lakh February 1, 2019
- TDS on Income from Pension and Family Pension January 12, 2019
- Income Tax Circular 2019 – Tax Deduction from Salaries with Illustrations January 12, 2019
- Income Tax Circular 2019 – Income Tax Rates AY 2019-20 January 12, 2019
- No TDS upto 50,000 for Senior Citizen – CBDT Notification Dt. 6.12.2018 December 11, 2018
- Pension Exempt from Income Tax – BPS writes to FM November 25, 2018
- Extension of date for filing of Income Tax Returns for taxpayers in Kerala August 29, 2018
- Tax Relaxation on NPS Maturity Value August 14, 2018
- Income Tax Refunds – Parliament Q&A August 14, 2018
- Filing of Income Tax Returns Deadline Extended for AY 2018-19 July 26, 2018
- No Due Date Extension for filing Income Tax – CBDT July 21, 2018
- Linking of PAN with Aadhaar while filing of ITRs – CBDT Circular July 16, 2018
- Long Pending issues & ongoing agitation – Income Tax Employees and Officers’ Associations July 12, 2018
- Filing of Income Tax Returns by Government Employees July 9, 2018
- New Income Tax Forms for AY 2018-19 – CBDT Notification April 5, 2018
- Standard Deduction Applicable for Pensioners – Clarification April 5, 2018
- Dress Code prescribed for Income Tax Employees April 3, 2018
- CPPCs Advised to Issue Form-16 by 31st of May every year – CPAO March 15, 2018
- Exemption of Transport Allowance and Medical Reimbursement from Income Tax – NC JCM Staff Side February 7, 2018
- Employees thank Prime Minister for allowing standard deduction of Rs 40,000 February 2, 2018
- New Scheme for Assessment in Electronic Mode – Finance Minister February 2, 2018
- Exemption of Interest Income on deposits increased to Rs 50,000 to Senior Citizens February 2, 2018
- Relief to Salaried Taxpayers – Standard Deduction of Rs 40,000 Allowed February 2, 2018
- Form No. 16 for Pensioners : Issue Certificate of Tax Deducted in Form 16 to the Pensioners January 11, 2018
- Budget 2018 – Will income tax limit be raised to Rs. 3 or 5 lakhs? January 10, 2018
- No Proposal to Amend Income Tax Rates – Lok Sabha Q&A December 27, 2017
- Arun Jaitley holds his 6th Pre-Budget Consultation Meeting December 11, 2017
- Income Tax Slab Rates for Defence Personnel – FY 2017-18 (AY 2018-19) December 9, 2017
- Income Tax Department suspends an officer for harassing the taxpayer December 8, 2017
- Income Tax Exemption 5 lakhs to Pensioners – Clarification December 8, 2017
- HRA Income Tax Exemption Calculator for Govt Employees November 24, 2017
- Income Tax : List of Taxable Elements of Pay – PCDA October 30, 2017
- Last date for filing of IT returns extended to August 5, 2017 July 31, 2017
- Income Tax (IT) Department simplifies linking PAN with Aadhaar for taxpayers using Income Tax India website May 11, 2017
- What are allowances? Are all allowances taxable? – INCOME TAX FAQ February 13, 2017
- Income Tax 2020 Calculator for Salaried (Government) Employees February 9, 2017
- CBDT issues Certificates of Appreciation to Tax Payers February 8, 2017
- Tax-exemption to partial withdrawal from National Pension System (NPS) February 4, 2017
- Simple one- page Income Tax Return form – FM February 1, 2017
- Salient Features of Direct Tax Proposals in Union Budget 2017 February 1, 2017
- Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh February 1, 2017
- Income Tax Rates FY 2016-17 (AY 2017-18) – Finmin Orders January 24, 2017
- Income Tax Ceiling Raised to 7.5 Lakh – AIBEA January 23, 2017
- Clarification of Status of Political Parties under Income Tax Act, 1961 December 17, 2016
- Extension of date of filing of Income Tax Return throughout India – CBDT July 30, 2016
- Taxable and Non-Taxable Elements of Pay and Allowances July 25, 2016
- Taxpayers account for just about 1% of India’s population May 3, 2016
- Tax benefit available under National Pension System (NPS) – AIRF April 15, 2016
- Request to Taxpayers to Avail Facility for Online Rectification April 2, 2016
- Inclusion of Interest Income in the Return of Income filed by Persons liable to Pay Tax March 23, 2016
- Income Tax benefit available under National Pension System – PFRDA March 22, 2016
- Ration Money Allowance should be exempt from Income Tax – 7th CPC Report March 13, 2016
- Deduction of Income Tax on withdrawal of Provident Fund 60% March 5, 2016
- House Rent Paid : 80GG has also been raised to 60,000 from 24,000 March 1, 2016
- Annual Budget 2016 – Will the income tax slab increase? Or, will it not? February 29, 2016
- Raise Personal Income Tax Exemption Limit to Rs 4 lakh – Assocham February 16, 2016
- Electronic Verification CODE (EVC) for electronically filed Income Tax Return Additional Modes February 1, 2016
- Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration January 17, 2016
- Rates of Income Tax as per Finance Act, 2015 – Financial Year 2015-16(AY 2016/17) January 16, 2016
- Issue of IT Refunds of Smaller Amounts January 15, 2016
- Key changes to Mandatory Quoting of Pan Rules of the Income tax Act December 17, 2015
- Setting-up of ‘Taxpayers Lounge’ at the India International Trade Fair (IITF) – 2015 November 13, 2015
- Income Tax Department issued an Advisory on Phishing, Fraudulent Refund E-mail November 5, 2015
- Income Tax Employees Agitation : Suspend the ongoing programme of agitation temporarily for 3 weeks from 04-11-2015 November 4, 2015
- Central Govt setup a committee to simplify the provisions of the Income Tax Rules October 28, 2015
- Claiming of medical expenditure for tax purposes made easy October 14, 2015
- Grand Success of Income Tax Employees Strike held on 8.10.2015 – JCA Circular October 9, 2015
- Income Tax Employees will observe one day strike on 8.10.2015 October 6, 2015
- Circulation of Fake order for extension of due date for filing of Audit report and return of Income for Assessment Year 2015-16 September 28, 2015
- CBDT extends due date for E-filing up to 7.9.2015 September 2, 2015
- Special Counters for Salaried Tax Payers Between 24th August to 31st August, 2015 August 21, 2015
- Tax Benefits to Tourism Industry July 30, 2015
- Taxpayer may verify his return through Internet Banking or through Aadhar based authentication process July 14, 2015
- IT Returns early to avoid the rush closer to the last date of filing – Income Tax Department July 2, 2015
- CBDT Extended the due date of filing return of income for AY 2015-16 from 31st July 2015 to 31st August 2015 June 14, 2015
- Premature Provident Fund withdrawal – Income tax will be imposed June 9, 2015
- Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Taxpayers May 31, 2015
- 10% Tax Proposed on PF Withdrawals April 30, 2015
- Section 80DD of the Income Tax Act – Tax Relief To Family Members of Differently Abled April 24, 2015
- No Change in the Rate of Personal Income Tax and The Rate of Tax for Companies on Income in Financial Year 2015-16 February 28, 2015
- Benefits to Middle Class Tax Payers in the Budget 2015-16 February 28, 2015
- Prime Minister says Budget session of Parliament important as people look at it with lot of hopes February 22, 2015
- NMC urges FM to raise IT exemption limit to Rs 5 lakh, exclude DA from IT calculation, Merge DA in Basic Pay & Pension etc. February 16, 2015
- Expected Potential Relief in Income Tax – 10% Tax on 3 to 10 Lakh January 29, 2015
- Central Trade Unions submits Joint Memorandum including DA Merger and 5 Lakh IT Exemption to Finance Minister January 21, 2015
- Arun Jaitley Against High Income Tax Rate to Raise Revenues January 19, 2015
- Instructions regarding observance of Wednesdays as a ‘Public Meeting Day’ for hearing public grievances January 12, 2015
- Income Tax Rate Chart For AY 2015-16 / FY 2014-15 December 3, 2014
- IT Exemption Slab Could be Raised Further: Fin. Minister Arun Jaitley Informs November 24, 2014
- Income Tax exemption limit may raise further – Finance Minister November 22, 2014
- Amendment in Cadre Restructuring Plan of the Income Tax Department – CBDT Orders October 23, 2014
- Income Tax Exemption Limit Raised by Rs.50,000 – Does it meet the Central Government employees’ expectations? July 16, 2014
- Personal Income Tax Exemption Limit and 80C limit also raised by Rs. 50,000 July 10, 2014
- Budget 2014 – CII suggests raising 80C deductions to Rs. 2.5 Lakhs June 19, 2014
- Central Government is planning to raise the Income Tax exemption slab to Rs. 5 Lakhs June 16, 2014
- General Budget 2014-15: NFIR Presents list of proposals to be considered June 16, 2014
- Raise Income Tax Exemption Slab to Rs. 5 Lakhs: NC JCM Staff Side June 11, 2014
- Income Tax exemption limit should be raised to Rs 5 Lakh: Arun Jaitley April 23, 2014
- Government deductors get relief from fee u/s 234E for late submission of TDS statement March 6, 2014
- Transfer of Non-Gazetted Staff from one charge to another under Central Board of Direct Taxes – Relaxation of conditions February 27, 2014
- Extension of Returns E-Filed with Refund Claims February 27, 2014
- Direct Taxes Code for public discussion February 17, 2014
- No income Tax on Salaried Class – BJP February 17, 2014
- Clarification regarding scope of additional income-tax on distributed Income under section 115R of the Income-tax Act -regarding. February 14, 2014
- Non-Filing of ITR-V in returns with refund claims-relaxation of time-limit for filing ITR-V and processing of such returns -regarding. February 11, 2014
- Government’s Clarification on the Reports that Finance Ministry Pays interest on Excess Tax Refund February 8, 2014
- CBDT Press Release dated 30.01.2014 on procedure for PAN allotment. February 1, 2014
- Change in procedure for PAN allotment February 1, 2014
- CBDT Press Release on change in procedure for PAN allotment February 1, 2014
- Save Income Tax on the Contribution made by Government in pension fund of NPS Subscribers… January 20, 2014
- RATES OF INCOME-TAX AS PER FINANCE ACT, 2013 October 18, 2013
