New Income Tax Slab Rate for AY 2020-21 PDF

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New Income Tax Slab Rate for AY 2020-21

New Personal Income Tax Regime heralds significant relief, especially for Middle-Class Taxpayers. New tax regime to be optional for the taxpayers’ New rates entail estimated revenue forgone of Rs 40,000 Crore per year.

Part 1:

Income Tax Slabs for Individual Taxpayers Who Are Less Than 60 Years Old

Income Tax SlabsTax Rates
Up to ₹2,50,000Nil
Within the tax bracket of ₹2,50,001 to ₹5,00,0005% of total income exceeding ₹2,50,000
Within the tax bracket of ₹5,00,001 to ₹10,00,000₹12,500 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000₹1,12,500 + 30% of total income exceeding ₹10,00,000

Also Read: Income Tax Slab for FY 2020-21

Part 2:

Income Tax Slabs for Senior Citizens Aged Between 60 to 80 Years

Income Tax SlabsTax Rates
Up to ₹3,00,000Nil
Within the tax bracket of ₹3,00,000 to ₹5,00,0005%
Within the tax bracket of ₹5,00,001 to ₹10,00,000₹10,000 + 20% of total income exceeding ₹5,00,000
Above ₹10,00,000₹1,10,000 + 30% of total income exceeding ₹10,00,000


Part 3:

Income Tax Slabs for Super Senior Citizens Who Are 80 Years of Age or Above:

Income Tax SlabsTax Rates
Up to ₹5,00,000Nil
Within the tax bracket of ₹5,00,000 to ₹10,00,00020%
Above ₹10,00,000₹1,00,000 + 30% of total income exceeding ₹10,00,000

 

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