Income Tax Slabs

india Income Tax SLABS Explained

Income tax is a percentage of income paid to the government by the taxpayers for the betterment of the public at large. This income is categorized into different groups on the basis of the amount of income. Each such group is known as a Tax Slab. Tax is charged at different rates on the range of income falling under these different income tax subgroups. The Income Tax Act of 1961 is the law that governs the provisions for our income tax. The income tax rates are usually revised every year during the budget. Various deductions are usually allowed to a taxpayer under Section 80C, Section 80D etc.

If you are resident individual and your total income after all eligible deductions is equal to or less than 5 lakh, then a rebate of Rs. 12500 applies to the total tax payable before 4% of Health & Education cess. If your tax payable before cess is less than Rs. 12500 then that entire amount is discounted.

  •  The calculator is based on Income Tax brackets (IT Slabs) for fiscal year 2020 – 2021
  • For previous fiscal year (2019-2020) tax slabs Click Here
  • For more information about the latest Fiscal year changes checkout our New Income tax slabs

TDS Calculator

Tax

Income tax slab rate for resident individuals (aged less than 60 years)

Option 1 Option 2
FY (2019 - 2020)
FY (2020 - 2021)
Up to Rs. 2,50,000
NIL
Up to Rs. 2,50,000
NIL
Rs. 2,50,001 - Rs. 5,00,000
5%
Rs. 2,50,001 - Rs. 5,00,000
5%
Rs. 5,00,001 - Rs. 10,00,000
20%
Rs. 5,00,001 - Rs. 7,50,000
10%
Rs. 7,50,001 - Rs. 10,00,000
15%
Above Rs. 10,00,000
30%
Rs. 10,00,001 - Rs. 12,50,000
20%
Rs. 12,50,001 - Rs. 15,00,000
25%
Above Rs. 15,00,000
30%

Income Tax Slab rate for Senior Citizens (aged between 60 to 80 years)

Option 1 Option 2
FY (2019 - 2020)
FY (2020 - 2021)
Up to Rs. 3,00,000
NIL
Up to Rs. 2,50,000
NIL
Rs. 3,00,001 - Rs. 5,00,000
5%
Rs. 2,50,001 - Rs. 5,00,000
5%
Rs. 5,00,001 - Rs. 10,00,000
20%
Rs. 5,00,001 - Rs. 7,50,000
10%
Rs. 7,50,001 - Rs. 10,00,000
15%
Above Rs. 10,00,000
30%
Rs. 10,00,001 - Rs. 12,50,000
20%
Rs. 12,50,001 - Rs. 15,00,000
25%
Above Rs. 15,00,000
30%

Income Tax Slab rate For Super Senior Citizens (aged 80 years and above)

Option 1 Option 2
FY (2019 - 2020)
FY (2020 - 2021)
Up to Rs. 5,00,000
NIL
Up to Rs. 2,50,000
NIL
Rs. 2,50,001 - Rs. 5,00,000
5%
Rs. 5,00,001 - Rs. 10,00,000
20%
Rs. 5,00,001 - Rs. 7,50,000
10%
Rs. 7,50,001 - Rs. 10,00,000
15%
Above Rs. 10,00,000
30%
Rs. 10,00,001 - Rs. 12,50,000
20%
Rs. 12,50,001 - Rs. 15,00,000
25%
Above Rs. 15,00,000
30%

New Income Tax Slab rate For Financial year 2020- 2021 (AY 2021 - 2022)

Income TAX SLAB RATE (2020- 2021)
Income Tax Slab Rate
Existing Rate
New Rate
Up to Rs. 2,50,000
Exempt
Exempt
Rs. 2,50,000 - Rs. 5,00,000
5%
5%
Rs. 5,00,000 - Rs. 7,50,000
20%
10%
Rs. 7,50,000 - Rs. 10,00,000
20%
15%
Rs. 10,00,000 - Rs. 12,50,000
30%
20%
Rs.12,50,000 - Rs. 15,00,000
30%
25%
Above Rs. 15,00,000
30%
30%

Note : Either opt for the same tax rates which were applicable in last financial year or the new tax regime.

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