Budget 2020 has given the individual options to choose either to opt for the same tax rates which were applicable last year or the new tax regime as mentioned below
(For both Male & Female)
|Old Option Income Tax Slab||New Option Income Tax Slab|
|Upto Rs 2,50,000||NIL||Upto Rs 2,50,000||NIL|
|Rs 2,50,001 - Rs 5,00,000||5%||Rs 2,50,001 - Rs 5,00,000||5%|
|Rs 5,00,001 - Rs 10,00,000||20%||Rs 5,00,001 - Rs 7,50,000||10%|
|Rs 7,50,001 - Rs 10,00,000||15%|
|Above Rs 10,00,000||30%||Rs 10,00,001 - Rs 12,50,000||20%|
|Rs 12,50,001 - Rs 15,00,000||25%|
|Above Rs 15,00,000||30%|
|(A) There is no change in OLD and NEW tax regime in:|
|(I) Rates of Surcharge|
|(II) Health & Education Cess @4%|
|(III) Rebate u/s 87A ( No tax will be payable on total income up to Rs.5 lakh in both regimes)|
|(B) Certain income tax exemptions and deductions like section 80C, 80D, HRA, etc will not be available under the new tax regime.|
Date : 07-04-2021
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