Quick Answer: What Is The Income Tax Slab For 2020 21?

What is the income tax slab for AY 2021 22?

Income tax slabs under the new tax regime for all individuals for FY 2020-21 (AY 2021-22)Income Tax SlabTax Rate for IndividualRs.

5 lakh to 7.5 lakh10%Rs.

7.5 lakh to 10 lakh15%Rs.

10 lakh to 12.5 lakh20%Rs.

12.5 lakh to 15 lakh25%3 more rows•Aug 6, 2020.

How can I download ITR 2 for AY 2020 21?

Under the Download tab, click “Offline Utilities”Click on “Income Tax Return Preparation Utilities”Select your Assessment Year.Click on “Excel Utility” for filling the details by hand under ITR 2 column and download the file.Open the downloaded file and fill in the details.

How much is the 2020 standard deduction?

2020 Standard Deduction AmountsFiling Status2020 Standard DeductionSingle; Married Filing Separately$12,400Married Filing Jointly$24,800Head of Household$18,650Oct 27, 2020

Is 80c removed in new tax slab?

The tax benefit on paying life insurance premiums to lower the tax liability under section 80C is not available in the new income tax slab structure.

Is 80c applicable in new tax slab?

The important tax breaks that will not be available under the new tax regime include Section 80C (Investments in PF, NPS, Life insurance premium, home loan principal repayment etc.), Section 80D (medical insurance premium), tax breaks on HRA (House Rent Allowance) and on interest paid on housing loan.

How is income tax calculated on new slabs?

Let’s understand income tax calculation under the current tax slabs and new tax slabs (optional) by way of an example….How to calculate income tax? (See example)Up to Rs 2,50,000Exempt from tax0Total Income TaxRs 12,500 + Rs 25,500+ Rs 37,500 + Rs 50,000 + Rs 62,500 + Rs 1,77,600 + Rs 14,604Rs 3,79,7048 more rows

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.

Which income tax slab is better?

This would benefit individual taxpayers, particularly those in the lower tax slabs….Income-tax rates under the new tax regime v/s the old tax regime.Income 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

What is slab rate of income tax?

Income Tax Slabs and Rates for Financial Year: 2019-20Income Tax SlabIndividuals below the age of 60 yearsUp to `2,50,000Nil2,50,001 to 5,00,0005%5,00,001 to 10,00,00012,500 + 20% of total income exceeding 5,00,000Above 10,00,0001,12,500 + 30% of total income exceeding 10,00,000

What is the rebate u/s 87a for AY 2020 21?

Earlier Tax Rebate Under Section 87A (AY 2019-20) Rebate under section 87A is available in the form of a deduction from the total tax liability and is the lower amount among 100% of income-tax liability or Rs. 2,500. However, if the tax liability exceeds Rs. 2,500, the rebate will be available to the extent of Rs.

Is one year FD tax free?

The interest on deposits is payable on either monthly/quarterly basis or can be reinvested. According to current income tax laws, under Section 80C of the Income Tax Act, you can claim deduction for investments up to Rs 1.5 lakh in a financial year in tax-saving fixed deposits (FDs).

Is 5 year FD tax free?

Tax Benefit: You can get a tax deduction under Section 80C of up to Rs. 1.5 lakh when you make an investment on a tax-saver FD scheme with a minimum lock-in period of five 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 are the tax slabs of an individual assessee for the assessment year 2020 21?

Tax Slab Rates for individuals less than 60 years of age and HUFIncome range per annumTax Rate FY 2019-20, AY 2020-21Up to Rs. 2.5 lakhsNo TaxAbove Rs. 2.5 lakhs to Rs. 5 lakhs5% + 4% cessAbove Rs. 5 lakhs to Rs. 10 lakhs20% + 4% cessAbove Rs. 10 lakhs to Rs. 50 lakhs30% + 4% cess3 more rows•Apr 24, 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.

Is FD tax free?

Interest income from Fixed Deposits is fully taxable. … This Tax is Deducted at Source by the bank at the time they credit the interest to your account, and not when the FD matures. So, if you have a FD for 3 years – banks shall deduct TDS at the end of each year. (See below for more details on TDS on FDs).

What is the last date of ITR 2020 21?

31st December 2020The income tax return (ITR) filing deadline for FY 2019-20 (AY 2020-21) is extended to 31st December 2020. For tax audit and TP audit, the due date is 31 January 2021.

Which ITR form should I fill for AY 2020 21?

ITR-1 form for AY 2020-21 is valid for individuals who have deposited more than Rs 1 crore in bank accounts or have incurred Rs 1 lakh or Rs 2 lakh on electricity or foreign travel, respectively.

Is Post Office FD taxable?

e. Tax Implications Section 80C of the Income Tax Act of India, 1961, allows tax deductions on the Fixed deposit investment made within 5 years. The interest paid by the post office is subject to TDS. If no TDS is deducted, the same needs to be declared in the return of income.

Is tax slab increased to 5 lakhs?

More From Our Partners. Budget 2019 presented by Nirmala Sitharaman in the Parliament, kept the personal income tax rates and slabs changes as announced in the Interim Budget 2019 unchanged. This meant that those having taxable income of up to Rs 5 lakh will not have to pay tax for FY 2019-20.

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.

Can I file ITR for AY 2020/21 now?

All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing. ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available for e-Filing. ITR 6 will be available shortly.

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 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 87a in income tax?

A rebate under section 87A is one of the income tax provisions that help taxpayers reduce their income tax liability. Taxpayers earning an income below a certain limit have the benefit of paying marginally lower taxes.

How much should I be paying in income tax?

Taxpayers and Income Tax SlabsIncome RangeTax rateTax to be paidUp to Rs.2,50,0000No taxBetween Rs 2.5 lakhs and Rs 5 lakhs5%5% of your taxable incomeBetween Rs 5 lakhs and Rs 10 lakhs20%Rs 12,500+ 20% of income above Rs 5 lakhsAbove 10 lakhs30%Rs 1,12,500+ 30% of income above Rs 10 lakhsDec 21, 2020