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Asked: 2021-05-23T11:26:57+05:30 In:

What is the Income tax slab as per Income Tax Act?

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What is the Income tax slab as per Income Tax Act?
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    1. Enlightened
      This answer was edited.

      Hi, You mean the tax slab for the assessment year 2021-22 or say Income tax slab for the financial year 2020-21. Income Tax slab for Individual Below 60 years, HUF and NRI Income Old Regime New Regime  Up to 2.5 Lakh NIL NIL 2.5 Lakh to 5 Lakh 5% 5% 5 Lakh to 7.5 Lakh 20% 10% 7.5 Lakh to 10 Lakh 20%Read more

      Hi,

      You mean the tax slab for the assessment year 2021-22 or say Income tax slab for the financial year 2020-21.

      1. Income Tax slab for Individual Below 60 years, HUF and NRI
      Income Old Regime New Regime
       Up to 2.5 Lakh NIL NIL
      2.5 Lakh to 5 Lakh 5% 5%
      5 Lakh to 7.5 Lakh 20% 10%
      7.5 Lakh to 10 Lakh 20% 15%
      10 Lakh to 12.5 Lakh 30% 20%
      12.5 Lakh to 15 Lakh 30% 25%
      above15 Lakh 30% 30%

      2. For Individual 60 years but less than 80 years

      Income Old Regime New Regime
       Up to 2.5 Lakh NIL NIL
      2.5 Lakh to 3 Lakh NIL 5%
      3 Lakh to 5 Lakh 5% 5%
      5 Lakh to 7.5 Lakh 20% 10%
      7.5 Lakh to 10 Lakh 20% 15%
      10 Lakh to 12.5 Lakh 30% 20%
      12.5 Lakh to 15 Lakh 30% 25%
      above 15 Lakh 30% 30%

      3. For Individual 80 years and above

      Income Old Regime New Regime
       Up to 2.5 Lakh NIL NIL
      2.5 Lakh to 3 Lakh NIL 5%
      3 Lakh to 5 Lakh NIL 5%
      5 Lakh to 7.5 Lakh 20% 10%
      7.5 Lakh to 10 Lakh 20% 15%
      10 Lakh to 12.5 Lakh 30% 20%
      12.5 Lakh to 15 Lakh 30% 25%
      above 15 Lakh 30% 30%

       

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