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Income tax slab for AY 2021-22 and FY 2020-21

Employer’s (company)contribution to  (12% (10% nps) basic salary + DA)Employees’ Provident Fund (EPF), superannuation fund and NPS  above Rs 7.5  lakh year  62500/pm toproposed  be taxed in the hands of employer.

section 80CCD (2) for the employee subject to maximum deduction of 10 percent of basic salary + DA.

₹30 lakh, aggregate amount of employer contribution could be:

PF employers contribution: 3.60 lakh (12%)

NPS: ₹3 lakh (10%)

Superannuation Fund: (pension fund by employer) ₹1.50 lakh

Total investment: ₹8.10 lakh (EET Status to  tax)*

Rs 60,000 – the difference between Rs 8.1 lakh and Rs 7.5 lakh – based on the proposal.

 

Income tax slab for 2021-22 HUF & Individuals without deductions

Income Individual (all 60,80+)
Up to 2.5 Lakhs Nil
2.5 to 5 Lakhs 5%
5-7.5 lakhs 10%
7.5-10 lakhs 15%
10 to 12.5 lakhs 20%
12.5 to 15 lakh 25%
Above 15 lakhs 30%

 

you can choose either new slab or old slab with exemptions (so who wants to buy insurance & invest in elss if there is no tax benefit)

Budget 2020: some directions: 50,000 standard deduction, 80c (1.5 lakhs) HRA, LTA (Home loan interest rate upto 2 lakhs , health insurance, ) upto 70 deductions  donation to trust ,will be removed.

Dviddens  now taxed in the hands tax prayer. according income tax slab.

 

Income tax slab for 2020-21 HUF & Individuals (with deductions)

Income Individual (Age less than 60 Years) Senior Citizen (Age above 60 Years) Super Senior Citizen (Age above 80 Years)
Up to 2.5 Lakhs Nil Nil Nil
2.5 to 3 Lakhs 5% Nil Nil
3-5 lakhs 5% 5% Nil
5-10 lakhs 20% 20% 20%
10 lakhs above 30% 30% 30%
Section 87A rebate 12,500 if taxable income upto 5 lakhs.

Standard deduction: 50,000

 

 

 

health & education cess 4% income tax + surcharge

 

Difference between assessment year and FInancial Year

 

Ex: this financial years starts from April 1st 2020 and End in March 2021.

The assessment year (AY) is the year that comes after the FY. This is the time in which the income earned during  last Financial Year is assessed and taxed.

Assessment year will be 2021  to 22 march 31st.   ( from AY April 2020 – 21 we have pay tax for april FY 2019 april to march 31st 2020.


 

 

Income tax slab for 2019-20 HUF & Individuals

Income Individual (Age less than 60 Years) Senior Citizen (Age above 60 Years) Super Senior Citizen (Age above 80 Years)
Up to 2.5 Lakhs Nil Nil Nil
2.5 to 3 Lakhs 5% Nil Nil
3-5 lakhs 5% 5% Nil
5-10 lakhs 20% 20% 20%
10 lakhs above 30% 30% 30%

 

Tax Rates* for Corporate Assessee for the A.Y. 2019-20

 

Status of Taxpayer

 

Rates of income-tax
Firms/Local Authority

 

30%
Domestic Company

 

30%/25% #
Foreign Company

 

40%
 # Tax rate is 25% if turnover or gross receipts of the domestic company in the previous year 2016-17 doesn’t exceed Rs. 250 crore

 Co-operatives Societies for the A.Y. 2019-20

 

Income

 

Rates of income-tax
Up to Rs. 10,000

 

10%
Rs.10,000 – Rs.20,000

 

20%
Above Rs. 20,000

 

30%

 

Surcharge for AY 2019-20

 

Particulars Taxable Income
50 Lacs to 1 Crore 1 Crore to 10 Crores Exceeding 10 Crores
Individuals/HUF

 

10% 15% 15%
Firm/ Local Authority/ Co-operative Society

 

Nil 12% 12%
Domestic Company

 

Nil 7% 12%
Foreign Company

 

Nil 2% 5%
Co-operative Societies

 

Nil 12% 12%

 

 

  1. The last date to file ITR Individual / LLP / partnership  (Non – Audit cases) July 31st.
  2. Individual LLP PVT ltd ( Audit cases ) 30th September.

Income tax slab forAY 2018-19

Income Tax Slabs Tax Rate
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 

 

 

 Senior Citizens (60 – 80 Years )

Income Tax Slabs Tax Rate
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 

Senior Citizens(80 Years Old Or More)

Income Tax Slabs Tax Rate
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 

 Domestic Companies for FY 2018-19

Turnover Particulars Tax Rate
Gross turnover up to 250 Cr. in the previous year 25%
Gross turnover exceeding 250 Cr. in the previous year 29%

 

Surcharge: 10% of income tax, where the total income exceeds Rs.50 lakh up to Rs.1 crore.

Surcharge: 15% of the income tax, where the total income exceeds Rs.1 crore.

 


 Individual Tax Payers & HUF (Below << 60) for FY 2017-18

Income Tax Slabs Tax Rate
Income up to Rs 2,50,000* No tax
Income from Rs 2,50,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Senior Citizens (60 – 80 Years ) for FY 2017-18

Income Tax Slabs Tax Rate
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 

Senior Citizens (60 – 80 Years ) for FY 2017-18

Income Tax Slabs Tax Rate
Income up to Rs 3,00,000* No tax
Income from Rs 3,00,000 – Rs 5,00,000 5%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

 Senior Citizens(80 Years++) for FY 2017-18

Income Tax Slabs Tax Rate
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%

Primary Sidebar

  • Income tax slab for AY 2021-22 and FY 2020-21
  • Section 80 C income tax deductions for salaried & individuals self employed persons
  • income tax business code list AY 2019-20 for iTR Forms
  • Section 44AD | section 44ada |44AE (ITR -4 ) presumptive income
  • How to file Income tax return Online for Salaried & Self employed ITR 1 & 4 AY 2019-20
  • financial statements (PL, balance sheet, cash flow, financial ratios)
  • set off and carry forward of losses



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