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  • Income Tax Slabs for 2020-21 Financial Year and 2021-22 Assessment Year - TeachersBuzz

    Income Tax Slabs for 2020-21 Financial Year and 2021-22 Assessment Year

    Income Tax Slabs for 2020-2021 Financial Year and 2021-22  Personal Tax Slabs, Rates.Income Tax Slabs, Rates Remain Unchanged, Standard Reduction Raised to Rs 50,000.New Income Tax Slab 2020-21.New In Income Tax Slabs, Introduces Standard Deductions.Get income tax slab rates for ay 2020-21 here for individuals, senior citizens, partnership firms, local authority.Income Tax slabs in Budget 2020-21.


    Income tax slabs under the new tax regime for all individuals for FY 2020-21 (AY 2021-22) New Budget 2020 
    Income Tax Slab Tax Rate
    Up to Rs 2.5 lakh NIL
    Rs 2.5 lakh to Rs 5 lakh 5% (Tax rebate of Rs 12,500 available under section 87A)
    Rs 5 lakh to Rs 7.5 lakh 10%
    Rs 7.5 lakh to Rs 10 lakh 15%
    Rs 10 lakh to Rs 12.5 lakh 20%
    Rs 12.5 lakh to Rs 15 lakh 25%
    Rs 15 lakh and above 30%

    Income Tax Slab Rates for FY 2019-20 (AY 2020-21)
    IT 2019-20 new slabs below shown
    For Individual Male/Female with age <60 Yrs
    Taxable Income Up to Rs. 2,50,000 – Nil
    Rs. 2,50,000 to 5,00,000 – 5%
    Rs. 5,00,000 to 10,00,000 – 20%
    Rs. 10,00,000 & above – 30%


    For More details Read:  Budget 2020 Income Tax New Slab rates for 2020-21 Revised tax Rates , income tax calculator



    Individual Tax

    1. Rebate under section-87A  : As per the amendments to Section 87A, if your annual taxable income is INR 5,00,000 or lower, you can avail the tax rebate. The existing laws made way for a 2,500 income tax rebate. However, the updated law ensured that the limit was increased to a 12,500 income tax rebate
    2. Standard Deduction for salaried tax payers increased from Rs. 40,000 to Rs. 50,000.
    3. Rent exempted from TDS increased to Rs. 2.4 lakh from Rs. 1.8 lakh.
    4. TDS exemption on interest on post office and bank deposits raised from Rs. 10,000 to Rs. 40,000.
    5. Gratuity limit increased from Rs. 10 Lakh to Rs. 30 lakh.
    6. Exemption on Capital Gains Tax under Section 54 of up to Rs. 2 crore on residential property can now be claimed for investment of proceeds in 2 residential properties once in a lifetime.
    7. IT returns and refunds to be processed within 24 hours.
    8. IT scrutiny to be made simpler with digital-unmanned system where the identity of the IT officer and tax payer remains anonymous.

    S.NO. INCOME TAX SOFTWARE DOWNLOAD
    1 IT Software 2020-21 for AP & Telangana for AY 2021-22  Click Here
    2 KSS Prasad Income Tax Software FY 2020-21  Click Here
    3 Putta Srinivas Reddy Income Tax Software FY 2020-21  Click Here
    4 Vijay Kumar Income Tax Software FY 2020-21  Click Here
    5 Zaheeruddin STO, Kakinada IT Software FY 2020-21  Click Here
    6 C.Ramanjaneyulu Income Tax Software FY 2020-21  Click Here
    7 B.Srinivasa Chary Income Tax Software FY 2020-21  Click Here
    8 Seshadri Income Tax Software FY 2020-21  Click Here
    9 Ramzan Ali Income Tax Software FY 2020-21  Click Here
    10 Mobile Version Income Tax Software FY 2020-21  Click Here
    11 Model School Teachers (APMS IT)   Software FY 2020-21  Click Here
    12  DSC Wise Teachers IT Calculation Tables 2020-21 for AP, TS    Click Here
    13 IT  Softwares 2020-21 AP TS Teachers, Employees with PRC Arrears  Click Here
    14 AP Employee Online Salary Details, Online Employee Pay Details  Click Here
    15 TS Employees, Teachers Pay details, Month wise Salary Statement       Click Here
    16 Telangana Employees  Salary certificate  Click Here
    17 How to Download SBI Home Loan Statement Interest and Principal    Click Here
    18 How to Get LIC Premium Statements for Income Tax Purpose  Click Here
    19 How to Pay PLI ( Postal Life Insurance ) Premium Online  Click Here
    20 Tax Rebate u/s 87A Income Tax Exemption Guide     Click Here
    21 Income Tax Slab Rates and Deductions Analysis for FY 2020-21    Click Here
    22 How to do Income Tax E-Filing Online Step by Step Process  Click Here
    23 Income Tax e-Filing Processed (Confirmed) OR Not? Check Here  Click Here