What Is The Income Tax Slab For AY 2020 21?

Can I file ITR for AY 2020/21 now?

The last date of income tax return (ITR) filing for FY 2019-20 (AY 2020-21) is extended to 10th January 2021.

For tax audit and TP audit, the last due date is 15th february 2021.

The due date for filing income tax returns is the date by which the returns can be filed without any late fee or penalty..

Which income tax slab is better?

Income-tax rates under the new tax regime v/s the old tax regimeIncome 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

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 80c in income tax?

It allows taxpayers to reduce their taxable income by making investments and some expenses and thus save on taxes they pay. Currently, section 80C allows deduction from gross total income (before arriving at taxable income) of up to Rs 1.5 lakh per annum on eligible investments and specified expenses.

How can I save tax if I earn 20 lakh?

These deductions include: Section 80C deduction of maximum Rs 1.5 lakh, section 80D deduction for health insurance premiums paid and other deductions for which a taxpayer is eligible, section 80TTA deduction for interest received from a saving account held with bank or post office etc.

What is the income tax slab for FY 2019 20?

Tax Rates for Individuals as per budget 2019-2020Income Tax Slab (in Rupees)Tax Rate for Individual Below the Age Of 60 Years0 to 2,50,000*Nil2,50,001 to 5,00,0005% of total income exceeding 2,50,0005,00,001 to 10,00,000Tax Amount of 12,500 for the income up to 5,00,000 + 20% of total income exceeding 5,00,0001 more row

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.

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

Earlier Tax Rebate Under Section 87A (AY 2019-20) 3.5 lakh is entitled to claim rebate under section 87A. 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.

What is the surcharge for FY 2020 21?

12%For the Assessment Year 2020-21 & 2021-22, a local authority is taxable at 30%. Add: (a) Surcharge : The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees….Individuals(Other than senior and super senior citizen)Above Rs. 10,00,00030%30%27 more rows

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.

What is the income tax slab for AY 2021 22?

New Income Tax Slab for FY 2020-21 & AY 2021-22Annual IncomeNew Tax RegimeOld Tax RegimeRs.5 lakh – Rs.7.5 lakh10%20%Rs.7.5 lakh – Rs.10 lakh15%20%Rs.10 lakh – Rs.12.5 lakh20%30%Rs.12.5 lakh – Rs.15 lakh25%30%3 more rows

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.

What is the standard deduction for AY 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.

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