What Is The Tax Slab For 2020 21?

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs.

5,00,000/-.

The quantum of maximum rebate will be Rs.

12500/-….Income tax slabs.Taxable incomeTax RateRs.

2,50,000 to Rs.

5,00,0005%Rs.

5,00,000 to Rs.

10,00,00020%Above Rs.

10,00,00030%1 more row•Aug 10, 2020.

Is 80c removed in 2020?

[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone. In the Union Budget 2020, finance minister Nirmala Sitharaman proposed a new tax regime with lower tax rates for different income groups. … However, all without deductions.

How do you avoid tax?

There are also other legal ways to avoid tax which are well worth looking at.Use your Isa allowance. … Save into a pension. … Use your capital gains tax allowance. … Use your partner or spouse’s tax allowance. … Use childcare vouchers. … Think about where you buy your insurance from. … Eat more healthily.

Which deduction is still allowed for 2020?

Deduction from family pension under Section 57. Any deduction under chapter VIA (like Section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, and so on….Share article.Taxable Income SlabsTax RatesRs 15 lakh and above30%6 more rows•Feb 7, 2020

What is slab rate of income tax?

12,500 + 20% of total income exceeding 5,00,000. Above 10,00,000. 1,12,500 + 30% of total income exceeding 10,00,000. Income Tax Slab. Senior Citizens (aged 60 years but less than 80 years)

Is there any standard deduction for FY 2020 21?

Therefore, the taxpayer can claim a standard deduction of Rs. 40,000* or the amount of pension, whichever is less. *Increased to Rs 50,000 for FY 2019-2020(AY 2020-21) through the Interim Budget 2019.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

How can I save tax on 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

What are the tax slabs of an individual assessee for the assessment year 2020 21?

Income Tax Slab Comparison for FY 2019-20 vs FY 2018-19Income RangeIncome Tax Slab FY 2019-20, AY 2020-21Income Tax Slab FY 2018-19, AY 2019-20Up to Rs.2,50,000–Rs.2,50,000 – Rs.5,00,0005%5%Rs.5,00,000 – Rs.10,00,00020%20%Above Rs.10,00,00030%30%

How do you calculate income tax for the financial year 2020 21?

The calculation of income tax that you are liable to pay under the new tax regime can be explained with an example. Suppose your total income in FY 2020-21 is Rs 16 lakh….S. No.Income slabsIncome tax rate (%)1Up to Rs 2.5 lakhNil2Between Rs 2,50,001 and Rs 5 lakh5%3Between Rs 5,00,001 and Rs 7.5 lakh10%4 more rows•Dec 14, 2020

Which income tax slab is better?

Income-tax rates under the new tax regime v/s the old tax regimeIncome slabs (Rs)Tax Rate(Old Regime)Tax Rate(New Regime – devoid of exemptions & deductions)2.5-5 lakh5%5%5-7.5 lakh20%10%7.5-10 lakh20%15%10-12.5 lakh30%20%3 more rows•Feb 7, 2020