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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.
- 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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Income Tax exemption limit for the below three categories of the individual taxpayer for the Assessment Year 2021-22 is as follows: Taxpayer Income Exemption Limit in old regime Indian Resident below 60 years of age, Huf and NRI Up to Rs 2.5 Lakh Indian Resident 60 years but less than 80 years URead more
Income Tax exemption limit for the below three categories of the individual taxpayer for the Assessment Year 2021-22 is as follows:
Taxpayer Income Exemption Limit in old regime Indian Resident below 60 years of age, Huf and NRI Up to Rs 2.5 Lakh Indian Resident 60 years but less than 80 years Up to Rs 3 Lakh Individual 80 years and above Up to Rs 5 Lakh Taxpayer Income Exemption Limit in New regime Indian Resident below 60 years of age, Huf and NRI Up to Rs 2.5 Lakh Indian Resident 60 years but less than 80 years Up to Rs 2.5 Lakh Individual 80 years and above Up to Rs 2.5 Lakh
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The Income Tax Act prescribes 5 main types of assessments, each with a different purpose and scope: 1️⃣ Self-Assessment – [Section 140A] This is done voluntarily by the taxpayer while filing the income tax return. If tax is payable as per return, it must be paid before filing. ✔ No notice from deparRead more
The Income Tax Act prescribes 5 main types of assessments, each with a different purpose and scope:
1️⃣ Self-Assessment – [Section 140A]
This is done voluntarily by the taxpayer while filing the income tax return.
If tax is payable as per return, it must be paid before filing.
✔ No notice from department required.
2️⃣ Summary Assessment – [Section 143(1)]
Also known as Intimation.
Done by CPC through computerised checks.
Adjustments for arithmetical errors, mismatch in TDS, etc., are made.
✔ No detailed scrutiny involved.
3️⃣ Scrutiny Assessment – [Section 143(3)]
Involves detailed examination of the return and accounts.
Done to verify correctness of income, claims, exemptions, deductions, etc.
✅ A notice under Section 143(2) is mandatory.
Commonly called Regular Assessment.
4️⃣ Best Judgment Assessment – [Section 144]
Used when:
No return is filed,
Return is defective and not rectified,
Compliance is not made with notices.
Officer assesses income based on available material.
5️⃣ Reassessment / Income Escaping Assessment – [Section 147/148]
Done when the Assessing Officer believes some income has escaped assessment.
Notice issued under Section 148.
Time limits and prior approvals apply as per amended provisions post Finance Act, 2021.
𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗔𝗽𝗽𝗲𝗮𝗹𝘀 (With Relevant Sections)
1️⃣ Appeal to CIT(Appeals) – [Section 246A]
First appellate authority.
Can appeal against order of Assessing Officer.
Must file appeal within 30 days of receiving order.
2️⃣ Appeal to Income Tax Appellate Tribunal (ITAT) – [Section 253]
Against orders of CIT(A) or certain orders of AO.
ITAT is the second level appellate authority.
3️⃣ Appeal to High Court – [Section 260A]
On substantial questions of law arising from ITAT orders.
Must be filed within 120 days from date of ITAT order.
4️⃣ Appeal to Supreme Court – [Section 261]
Against High Court judgment, only if case involves important legal principles.
Requires certificate of fitness from High Court.
5️⃣ Revision by CIT (u/s 263/264)
Not an appeal, but a review power:
Section 263 – Revision by CIT if order is erroneous and prejudicial to revenue.
Section 264 – Revision in favor of taxpayer.
🔄 Faceless Assessment and Appeals (Recent Development)
Introduced to bring transparency and efficiency.
Conducted electronically, without physical interface.
Applies to 143(3), 144 assessments and CIT(A) proceedings.
🧾 Summary Table:
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