{"id":11779,"date":"2020-02-03T13:20:01","date_gmt":"2020-02-03T07:50:01","guid":{"rendered":"https:\/\/www.apnaplan.com\/?p=11779"},"modified":"2021-05-24T00:39:32","modified_gmt":"2021-05-23T19:09:32","slug":"income-tax-slabs-2020-21","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/income-tax-slabs-2020-21\/","title":{"rendered":"Income Tax Slabs for FY 2020-21 (AY 2021-22)"},"content":{"rendered":"\n

Your income from salary, business or other income like income from fixed\/recurring deposits etc are taxed as per income tax slabs.\u00a0Budget 2020 presented on February 1, 2020 has made some changes in the tax slab.<\/strong><\/p>\n

There would be two options:<\/b><\/p>\n

    \n
  1. use existing tax slabs with all exemptions<\/b><\/li>\n
  2. use new simplified tax structure but forgo all exemptions<\/a><\/b><\/li>\n<\/ol>\n

    Income Tax Slabs:<\/span><\/h2>\n

    There is\u00a0NO separate tax slab for men and women<\/strong>. Earlier women used to have slight benefit over men in terms of lower taxes!<\/p>\n

    The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:<\/p>\n

      \n
    1. Below 60 years of age<\/li>\n
    2. Senior Citizens (60 to less than 80 years of age)<\/li>\n
    3. Very Senior Citizens (80+ years of age)<\/li>\n<\/ol>\n
      \n

      Read:\u00a0How to Pay 0 Income Tax on Rs 20+ Lakh Salary?<\/a><\/p>\n<\/blockquote>\n

      The table below gives the tax slab rates:<\/p>\n

      Income Tax Slab for HUFs & Individuals (below 60 years \u2013 for both Men & Women)<\/span><\/h2>\n

      New Simple Tax Slab without exemption:<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
      Income Slab<\/strong><\/td>\nTax Rate<\/strong><\/td>\n<\/tr>\n
      Income up to Rs 2,50,000<\/td>\nNo Tax<\/td>\n<\/tr>\n
      Income from Rs 2,50,000 \u2013 5,00,000<\/td>\n5%<\/td>\n<\/tr>\n
      Income from Rs 5,00,000 \u2013 7,50,000<\/td>\n10%<\/td>\n<\/tr>\n
      Income from Rs 7,50,000 \u2013 10,00,000<\/td>\n15%<\/td>\n<\/tr>\n
      Income from Rs 10,00,000 \u2013 12,50,000<\/td>\n20%<\/td>\n<\/tr>\n
      Income from Rs 12,50,000 \u2013 15,00,000<\/td>\n25%<\/td>\n<\/tr>\n
      Income more than Rs 15,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      Tax Slab with exemption:<\/strong><\/p>\n

      \n\n\n\n\n\n\n\n
      Income Slab<\/strong><\/td>\nTax Rate<\/strong><\/td>\n<\/tr>\n
      Income up to Rs 2,50,000<\/td>\nNo Tax<\/td>\n<\/tr>\n
      Income from Rs 2,50,000 \u2013 5,00,000<\/td>\n5%<\/td>\n<\/tr>\n
      Income from Rs 5,00,000 \u2013 10,00,000<\/td>\n20%<\/td>\n<\/tr>\n
      Income more than Rs 10,00,000<\/td>\n30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n