New Income Tax Slab Rate for Individual/HUF for AY 2021-22 (FY 2020-21)

Every year with Finance Budget, all taxpayers are keen to know about how much tax they'll need to pay, and how much tax they can save. Besides tax saving investment knowing tax rates is essential to understand how your income is taxed as per slab rates. Today in this article we have simplified the tax rates and tax calculation on Income.

In this article we have discussed:

• Income Tax Slab Rates AY 2021-22 (FY 2020-21) under New Regime

• Important points: New Regime

• Exemption/Deductions disallowed under New Regime

• Exemption/Deductions allowed under New Regime

• Income Tax Slab Rates AY 2021-22 (FY 2020-21) under Old Regime

• Opt-in and Opt-out New Tax Regime

• Tax Calculator

Income Tax Slab Rates

Income Tax is levied on income as per slab rates. Slab rates are defined rates of taxes for a particular range of Total Taxable Income for the year. In India, tax is charged on the Income with consideration to the age and the total income. On the basis of age, taxpayers are categorized as follows:

• Individual with less than 60 years of age

• Senior Citizens ( 60 to 80 years of age)

• Resident Super Senior Citizens (More than 80 years of age)

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

In finance budget 2020, Section 115BAC was introduced, accordingly, Tax Payers are given an option to opt for a preferable tax regime i.e Old Tax Regime and New tax Regime under Section 115BAC. In this article, we have discussed both the Tax Slab Rates. Let's see what is the difference between these 2 tax regimes:

SLAB RATES UNDER NEW TAX REGIME AY 2021-22 (FY 2020-21)