Investment up to maximum rs 1 5 lakh is applicable for tax exemption under section 80c of income tax act and can save up to rs 46 800 in taxes. Amt means an amount of tax that is computed on the adjusted total income.
Income tax slabs and tax rate in india for fy 2019 2020 income tax slabs and tax rate in india for ay 2020 2021.
Income brackets in india. This figure is expected to grow up to. 7 of tax if income exceeds 1 crore but is below 10 crore 10 of tax in case the income exceeds rs. Ministry of finance government of india.
Here are the new tax rates under the new tax rates there will be 10 tax levied for incomes between 5 7 5 lakh per annum 15 for 7 5 10 lakh per annum bracket 20 for 10 12 5 lakh per annum 25 tax for income between 12 5 lakh to 15 lakh 30 tax for income above 15 lakh. As a taxpayer you can choose between the new and the old income tax regime for the fy financial year 2020 2021. As of 2016 about 121 million households in india belonged to the middle income bracket earning a gross annual income between 7 700 and 15 400 u s.
Personal income tax rate in india averaged 32 39 percent from 2004 until 2020 reaching an all time high of 35 88 percent in 2018 and a record low of 30 percent in 2005. If the total income exceeds 1 crore 12 of tax is applied as surcharge. Income tax rates fy 2020 21 in india revision of it rate slab ay 2021 22.
The personal income tax rate in india stands at 35 88 percent. Income tax slabs tax rates in india for fy 2020 21 ay 2021 22 the new income tax regime as per union budget 2020 offers tax rate reduction from 20 to 10 and from 30 to 20 as per relevant income tax slabs. 30 tax is applicable with income from rs 5 00 000 rs10 00 000.
20 tax is applicable with income from rs 5 00 000 rs10 00 000. The new and revised income tax slab rates for individual taxpayers are categorized in three segments. The income tax brackets have three categories for individual payers individuals below the age of years includes residents as well as no residents resident senior citizens 60 years and above but below 80 years of age.
Amt is applicable to all persons other than a company having income from a business or profession. Income tax slabs 2020 21. The taxpayer is liable to pay tax on such income at a rate of 18 5 plus surcharge and health and education cess on the adjusted total income.