What is The New Income Tax Returns Slabs and Rates Present in FY 2020-21?

 The Income Tax Slabs and Rates Present in FY 2020-21



The income tax is a special kind of tax that a person is bound to submit to the Income Tax Department for a particular financial year. The benefit that can be gained from the Government of India is now the IT return filing can be done online.


IT return filing



The Income Tax Slab  


The Indian Income Tax Department levies tax on individual taxpayers on the basis of the slab system after ITR filing online. The different tax rates and slabs are stipulated for the income of different groups of people.

The special point about the income tax slab is the income tax slab changes with every budget. The income tax slab is also separate for different kinds of taxpayers. 


The Income Tax categorises three kinds of Income Taxpayers:


  • The resident and non-resident individuals whose age is less than 60 years.

  • The resident senior citizens whose age is between 60 to 80 years.

  • The resident super senior citizens whose age is more than 80 years.


These are the income tax slabs currently existing in India and in FY 21, a new income tax slab has been introduced.


The Income Tax Slabs for Individuals on FY21


You can have a look at the income tax slabs designated for the individuals on FY 2020-21.


                        Annual Income

                            Tax Rate

                      Upto 2.5 Lakh

                              Exempt

            Rs. 2.5 Lakh to Rs. 5 Lakh 

                                  5%

            Rs. 5 Lakh to Rs. 7.5 Lakh

                                  10%

          Rs. 7.5 Lakh to Rs. 10 Lakh

                                  15%

          Rs. 10 Lakh to Rs. 12.5 Lakh  

                                  20%

          Rs. 12.5 Lakh to Rs. 15 Lakh

                                    25%

                  Above Rs. 15 Lakh

                                    30%




The Income Tax Slabs for Senior Citizens on FY21


Now, take a look at the income tax slabs designated for the Senior Citizens on FY 2020-21. You are already aware that senior citizens means Indian residents whose age is between 60 years to 80 years.



                     Income Per Annum

                              Tax Rate

                        Upto 2.5 Lakh

                            Exempt

              Rs. 2.5 Lakh to Rs. 3 Lakh

                                5%

              Rs. 3 Lakh to Rs. 5 Lakh  

                                5%

              Rs. 5 Lakh to Rs. 7.5 Lakh

                                10%


            Rs. 7.5 Lakh to Rs. 10 Lakh

                                15%

            Rs. 10 Lakh to Rs. 12.5 Lakh

                                20%

            Rs. 12.5 Lakh to Rs. 15 Lakh

                                  25%

                      Above Rs. 15 Lakh

                                  30%




This is the income tax slab that is dedicated for the senior citizens.



The Income Tax Slabs for Super Senior Citizens on FY21


As you have read in the blog, the super senior citizens are above 80 years of age. You can look at the tax slab that is ideal for the super senior citizens.



                          Annual Income

                            Tax Rate

                          Upto 2.5 Lakh

                            Exempt

                Rs. 2.5 Lakh to Rs. 3 Lakh

                                5%

                Rs. 5 Lakh to Rs. 7.5 Lakh

                                10%

            Rs. 7.5 Lakh to Rs. 10 Lakh

                                15%

            Rs. 10 Lakh to Rs. 12.5 Lakh

                                20%

          Rs. 12.5 Lakh to Rs. 15 Lakh

                                25%

                Above Rs. 15 Lakh

                                  30%

 


These are the existing tax slabs for Super Senior citizens that are present in FY 2020-21.


Conclusion


Government of India has facilitated the online ITR filing facility along with the existing offline ITR submitting system. You can take the third-party assistance if you think you are not confident with the DIY filing of ITR return.


The tax experts can help you in online filing of income tax return after receiving the documents from you.
Location: 8th floor, Astha Kunj Rd, In front of Nehru Palce metro station, Nehru Place, New Delhi, Delhi 110019, India

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