The
Finance Minister has tabled today, the Union General Budget 2020-21 in the
Parliament. Below are the latest Income Tax Slab Rates for FY 2020-21
or AY 2021-22. (FY is
Financial Year and AY is Assessment Year)
Latest Income Tax Slab Rates FY 2020-21
Effective from FY
2020-21, the individual tax assessee will have an option to go for new Tax Slab
Rates by forgoing the existing Income Tax Deductions and Exemptions, like HRA,
Section 80C, Home loan tax benefits etc.,
So, to avail the
below new tax slab, which is optional, taxpayers will have to let go of
income tax exemptions.
Income below Rs 2.5 lakh will continue to remain
tax-exempt.
Income between Rs 2.5 to Rs 5 lakh will be taxed
at 5% but will continue to get Section 87a rebate, hence no tax
liability.
Under the new regime, taxpayers will pay 10%,
15%, 20% and 25% for incomes between Rs 5 to Rs 7.5 lakh, Rs 7.5 to Rs 10
lakh, Rs 10 to Rs 12.5 lakh and Rs 12.5 to Rs 15 lakh, respectively.
Related Articles
www.taxexcel.net
Vivamus fermentum ac massa vel egestas. Ut convallis augue quis pulvinar pellentesque. Cras vitae condimentum felis. Aliquam justo lectus, ultrices eget fringilla nec, aliquam ac dui. Donec nunc nunc, pretium vel metus eget, sodales auctor magna. In in nisl non nulla suscipit pharetra in ut augue.
No comments:
Post a Comment