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. 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