Income Tax Slab and Tax Rates for FY 2020-21 AY 2021-22

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

Income Tax Slab for Resident Individual aged less than 60 Years

(For both Male & Female)

OPTION-1 OPTION-2
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%

Note

(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