Income Tax Slab for Fin. Yr. 2021-22

Income tax calculator for F.Y. 2021-22

The Union Budget 2021 has not provided any income tax relief to tax payers. The finance minister Nirmala Sitharaman made no changes in income tax slabs or rates have been proposed. Nor did she give any additional tax exemptions or deductions. With no change in the basic exemption limit, income tax slabs and tax rates, an individual tax payer will continue to pay the tax at the same rates applicable in FY 2020-21.

Effective from April 1, 2020, a salaried individual has to choose between the new and old income tax regimes. Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it.

This new tax system has been made optional and continues to co-exist with the old/existing one.

Income tax rates and slabs under new tax regime for FY 2021-22

Total income (Rs)	Income tax rate
Up to 2.5 lakh	Nil
From 2,50,001 to Rs 5,00,000	5 percent
From 5,00,001 to Rs 7,50,000	10 percent
From 7,50,001 to 10,00,000	15 percent
From 10,00,001 to Rs 12,50,000	20 percent
From 12,50,001 to 15,00,000	25 percent
Above 15,00,000	30 percent

Under the old tax regime, the basic tax exemption limit for an individual depends on their age and residential status.

This is the latest income tax slabs for FY 2021-22 under old tax regime:

Income tax slabs for resident individuals below 60 years of age for 2020-21

Taxable income slabs	Income tax rates and cess
Up to Rs 2.5 lakh	Nil
Rs 2,50,001 to Rs 5,00,000	5% of (Total income minus Rs 2,50,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000	Rs 12,500 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,12,500 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21

Taxable income slabs	Income tax rates and cess
Up to Rs 3 lakh	Nil
Rs 3,00,001 to Rs 5,00,000	5% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000	Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21

Taxable income slabs	Income tax rates and cess
Up to Rs 5 lakh	Nil
Rs 5,00,001 to Rs 10,00,000	20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and above	Rs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

Source: The Economics Times

              https://economictimes.indiatimes.com/wealth/calculators/income-tax-calculator

Posted in: Income Tax Slab,TDS Rates