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
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
- 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
- Standard Deduction for salaried tax payers increased from Rs. 40,000 to Rs. 50,000.
- Rent exempted from TDS increased to Rs. 2.4 lakh from Rs. 1.8 lakh.
- TDS exemption on interest on post office and bank deposits raised from Rs. 10,000 to Rs. 40,000.
- Gratuity limit increased from Rs. 10 Lakh to Rs. 30 lakh.
- 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.
- IT returns and refunds to be processed within 24 hours.
- 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 |
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