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 Slabs | Tax Rates |
| Up to ₹2,50,000 | Nil |
| Within the tax bracket of ₹2,50,001 to ₹5,00,000 | 5% 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 Slabs | Tax Rates |
| Up to ₹3,00,000 | Nil |
| Within the tax bracket of ₹3,00,000 to ₹5,00,000 | 5% |
| 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 Slabs | Tax Rates |
| Up to ₹5,00,000 | Nil |
| Within the tax bracket of ₹5,00,000 to ₹10,00,000 | 20% |
| Above ₹10,00,000 | ₹1,00,000 + 30% of total income exceeding ₹10,00,000 |
i want to know what is the rule for tax deduction fy2020-21