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Income Tax Slab Rate
(For Financial Year 2020-21 (Assessment Year 2021-22)

Tax Rates for Financial year 2019-20(Assessment Year 2020-21)

Budget 2020 has introduced new tax regime where in individuals & HUFs have an option to pay tax at lower rates but without claiming benefits of tax deductions under various sections.
So now tax payers need to assess their tax liability under old as well as the new tax regime so that they can then decide the option which brings in lesser tax liability.

Tax Rates for Financial Year 2020-21 under New Tax System:

Which Tax Regime should be opted for - Old or New?- click here to understand

New system of lower tax rates without claiming tax saving deductions does not acknowledge any age group.

Tax rates as well as basic exemption limit are same for all age groups under new tax system.


Even if an individual is a senior citizen or a super senior citizen, tax slabs and rates of new system will be same for all age groups. The income slabs and the applicable tax rates under New Tax Regime are:


Income Range
Rates under New Tax System
upto  2,50,000
NIL
2,50,001 - 5,00,000
5% on income above 2,50,000
5,00,001 - 7,50,000
12,500 + 10% of income above 5,00,000
7,50,001 - 10,00,000 37,500 + 15% of income above 7,50,000
10,00,001 - 12,50,000
75,000 + 20% of income above 10,00,000
12,50,001 - 15,00,000
1,25,500 + 25% of income above 12,50,000
income above 15,00,000
1,87,500 + 30% of income above 15,00,000
  • Health and Education Cess @4% will be levied to total amount of Income Tax and Surcharge(if any)
  • No surcharge leviable if income does not exceed ₹ 50 lacs
  • Surcharge will be @ 10% of Income Tax if total income exceeds ₹ 50 lacs
  • Surcharge will be @ 15% of Income Tax  if total income exceeds ₹ 1 crore
  • For total income not exceeding ₹ 5,00,000, tax rebate upto ₹ 12,500 u/s 87A will be available.




As there is an option to select the most beneficial tax system we need to calculate tax under both the systems. Tax rates as per new Tax Regime were as per above table and tax rates & their respective income slabs as applicable to different age groups are as under:

Tax Rates for Financial Year 2020-21 under Old Tax System:


If opting for the Old system of Tax, dont forget to collect details of all your Tax savings like PF, PPF, Life Insurance etc u/s 80C, Medical insurance u/s 80D, House loan interest documents for deduction upto ₹ 2,00,000 and various donations to NGOs like PMNRF, PM-CARES etc. Tax liability will be calculated after giving due benefits to all your tax savings within the specified limits. The tax rates for different age groups of individuals are:

Income Range

Rates under Old Tax System


For individuals(not being senior or super senior citizens)

For Senior Citizens
(60 - 80 years of age)

For Super Senior Citizens
(above 80 years of age)
upto  2,50,000 NIL
upto 3,00,000 - NIL
NIL
2,50,001 - 5,00,000
5% on income above
2,50,000

5% on income above
3,00,000
NIL
5,00,001 - 10,00,000
12,500 + 20% of income above 5,00,000


10,000 + 20% of income above 5,00,000
20% of income above
5,00,000
income above 10,00,000
1,12,500 + 30% of income above 10,00,000


1,10,000 + 30% of income above 10,00,000


1,00,000 + 30% of income above 10,00,000

  • Health and Education Cess @4% will be added to total amount of Income Tax and Surcharge(if any)
  • No surcharge leviable if income does not exceed ₹ 50 lacs
  • Surcharge will be @ 10% of Income Tax if total income exceeds ₹ 50 lacs
  • Surcharge will be @ 15% of Income Tax  if total income exceeds ₹ 1 crore
  • For total income not exceeding ₹ 5,00,000, tax rebate upto ₹ 12,500 u/s 87A will be available.



Tax Rates for Individuals for the Financial Year 2019-20 (Assessment Year 2020-21)


Tax Rates for Individuals for the Financial Year 2018-19 (Assessment Year 2019-20)

Tax Rates for Individuals for the Financial Year 2017-18 (Assessment year 2018-19)

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