ITR Filing for financial year 2020-21: Know your Income Tax slab, check detailed table here
New Delhi: Filing Income Tax Return (ITR) is an annual ritual by individuals and other category of taxpayers. This year’s income tax return will be filed for the Assessment Year 2021-22 or FY 2020-21.
The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. While the majority of the people might have already filed their Income Tax Return, it is possible that a lot of us are yet to file it.
Here is all about the Tax Slabs for AY 2021-22 for filing income tax return for Salaried Individuals. The slab is for Individual (resident or non-resident) less than 60 years of age anytime during the previous year:
|Existing Tax Regime||New Tax Regime u/s 115BAC|
|Income Tax Slab||Income Tax Rate||Income Tax Slab||Income Tax Rate|
|Up to Rs 2,50,000||Nil||Up to Rs 2,50,000||Nil|
|Rs 2,50,001 – Rs 5,00,000||5% above Rs 2,50,000||Rs 2,50,001 – Rs 5,00,000||5% above Rs 2,50,000|
|Rs 5,00,001 – Rs 10,00,000||Rs 12,500 + 20% above Rs 5,00,000||Rs 5,00,001 – Rs 7,50,000||Rs 12,500 + 10% above Rs 5,00,000|
|Above Rs 10,00,000||Rs 1,12,500 + 30% above Rs 10,00,000||Rs 7,50,001 – Rs 10,00,000||Rs 37,500 + 15% above Rs 7,50,000|
|Rs 10,00,001 – Rs 12,50,000||Rs 75,000 + 20% above Rs 10,00,000|
|Rs 12,50,001 – Rs 15,00,000||Rs 1,25,000 + 25% above Rs 12,50,000|
|Above Rs 15,00,000||Rs 1,87,500 + 30% above Rs 15,00,000|
It is to be noted that individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.