Last updated on June 9th, 2021 at 09:40 pm
Income Tax Slab Rates – FY 20-21 (AY 21-22)
Taxpayers were given an option to choose between the existing/old tax regime or a new/alternate tax regime in the Union Budget 2020 announced on 1st February 2020. Though the minimum exemption limit for the purpose of taxation in the case of an individual assessee was untouched and it remained at Rs 2,50,000/- only.
INCOME TAX SLAB RATES
New/Alternate Tax Regime – Section 115BAC
[su_table]
| Income Slabs | Tax rate |
| Upto Rs. 2.5 lakh | Nil |
| 2.5lakh to 5 lakh | 5% |
| 5 lakh to 7.5 lakh | 10% |
| 7.5 lakh to 10 lakh | 15% |
| 10 lakh to 12.5 lakh | 20% |
| 12.5 lakh to 15 lakh | 25% |
| Above 15 lakh | 30% |
[/su_table]
Note: Surcharge and education cess shall be applicable @4% for all the taxpayers.
An exhaustive list of deductions and exemptions not available new tax regime.
Old/Existing Tax Regime
[su_table]
|
Income Slabs |
Non-Senior Citizen | Senior Citizen |
Super Senior Citizen |
|
Up to 2.5 Lakhs |
Nil | Nil | Nil |
| 2.5 Lakhs – 3 Lakhs | 5% | Nil |
Nil |
|
3 Lakhs – 5 Lakhs |
5% | Nil | |
|
5 Lakhs – 10 Lakhs |
20% | 20% |
20% |
| Above 10 Lakhs | 30% | 30% |
30% |
[/su_table]
Note: Surcharge and education cess shall be applicable @4% for all the taxpayers.
Note: For determining the type of individual assessee based on age, the assessee should have crossed the age bracket on or before the last day of the relevant previous year. Age is to be checked for the previous financial year and not the assessment year.
- Non-Senior Citizen (Age – less than 60 years)
- Senior Citizen (Age – between 60 to 80 years)
- Super Senior Citizen (Age – above 80 years)
Due dates of filing Income Tax Return
The due date for filing an Income tax return for FY 2020-21 (AY 2021-22) for the individual assessee is extended to 30th September 2021.
The due date for filing an Income tax return for FY 2020-21 (AY 2021-22) for the individual assessee whose books of accounts are subject to audit u/s 44AB is extended to 31st October 2021.
Check the latest due dates on Income Tax Calender
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