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INCOME TAX SOFTWARE :: FY 2020 – 21 Income Tax Slabs:
KSS PRASAD INCOME TAX SOFTWARE is Easy, Effective & Efficient Income Tax Return Filing Software
There is NO separate tax slab for men and women. Earlier women used to have slight benefit over men in terms of lower taxes!
The tax slabs are determined on age of person. As of today there are 3 slab rates based on age:
- Below 60 years of age
- Senior Citizens (60 to less than 80 years of age)
- Very Senior Citizens (80+ years of age)
The table below gives the tax slab rates:
Income Tax Slab for HUFs & Individuals (below 60 years – for both Men & Women)
New Simple Tax Slab without exemption:
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 7,50,000 | 10% |
| Income from Rs 7,50,000 – 10,00,000 | 15% |
| Income from Rs 10,00,000 – 12,50,000 | 20% |
| Income from Rs 12,50,000 – 15,00,000 | 25% |
| Income more than Rs 15,00,000 | 30% |
Tax Slab with exemption:
| Income Slab | Tax Rate |
| Income up to Rs 2,50,000 | No Tax |
| Income from Rs 2,50,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
- Surcharge:
- 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
- 15% surcharge on income tax if the total income exceeds Rs 1 crore but below Rs 2 crore
- 25% surcharge on income tax if the total income exceeds Rs 2 crore but below Rs 5 crore
- 37% surcharge on income tax if the total income exceeds Rs 5 crore
- Health and Education Cess: 4% cess on income tax including surcharge
- Rebate under Section 87A: Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs
Income tax slab for senior citizens (60 years to less than 80 years old) (both men & women)
New Simple Tax Slab without exemption:
| Income Slab | Tax Rate |
| Income up to Rs 3,00,000 | No Tax |
| Income from Rs 3,00,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 7,50,000 | 10% |
| Income from Rs 7,50,000 – 10,00,000 | 15% |
| Income from Rs 10,00,000 – 12,50,000 | 20% |
| Income from Rs 12,50,000 – 15,00,000 | 25% |
| Income more than Rs 15,00,000 | 30% |
Tax Slab with exemption:
| Income Slab | Tax Rate |
| Income up to Rs 3,00,000 | No Tax |
| Income from Rs 3,00,000 – 5,00,000 | 5% |
| Income from Rs 5,00,000 – 10,00,000 | 20% |
| Income more than Rs 10,00,000 | 30% |
- Surcharge:
- 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
- 15% surcharge on income tax if the total income exceeds Rs 1 crore but below Rs 2 crore
- 25% surcharge on income tax if the total income exceeds Rs 2 crore but below Rs 5 crore
- 37% surcharge on income tax if the total income exceeds Rs 5 crore
- Health and Education Cess: 4% cess on income tax including surcharge
- Rebate under Section 87A: Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs
Income tax slab for Very senior citizens (80 years or more) (both men & women)
New Simple Tax Slab without exemption:
| Income Slab | Tax Rate |
| Income up to Rs 5,00,000 | No Tax |
| Income from Rs 5,00,000 – 7,50,000 | 10% |
| Income from Rs 7,50,000 – 10,00,000 | 15% |
| Income from Rs 10,00,000 – 12,50,000 | 20% |
| Income from Rs 12,50,000 – 15,00,000 | 25% |
| Income more than Rs 15,00,000 | 30% |
Tax Slab with exemption:
| Income Slab | 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% |
- Surcharge:
- 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but below Rs 1 crore
- 15% surcharge on income tax if the total income exceeds Rs 1 crore but below Rs 2 crore
- 25% surcharge on income tax if the total income exceeds Rs 2 crore but below Rs 5 crore
- 37% surcharge on income tax if the total income exceeds Rs 5 crore
- Health and Education Cess: 4% cess on income tax including surcharge
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