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INCOME TAX RATES FOR FANANCIAL YEAR 2020-21

IN CASE OF INDIVIDUAL OTHER THAN SENIOR AND SUPER SENIOR CITIZEN

NET INCOME RANGE	RATE OF INCOME TAX
	Financial Year 20-21	Financial Year 2019-20
Up to Rs. 2,50,000	NIL	NIL
Rs. 2,50,000 to Rs. 5,00,000	5%	5%
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

 

 

IN CASE OF INDIVIDUAL AGE 60 YEARS OR MORE AND LESS THAN 80 YEARS OF AGE

NET INCOME RANGE	RATE OF INCOME TAX
	Financial Year 20-21	Financial Year 2019-20
Up to Rs. 3,00,000	NIL	NIL
Rs. 3,00,000 to Rs. 5,00,000	5%	5%
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Above Rs. 10,00,000	30%	30%

 

IN CASE OF INDIVIDUAL AGE80 YEARS OR MORE 

NET INCOME RANGE	RATE OF INCOME TAX
	Financial Year 20-21	Financial Year 2019-20
Up to Rs. 5,00,000	NIL	NIL
Rs. 5,00,000 to Rs. 10,00,000	20%	20%
Rs. 10,00,000 ABOVE	30%	30%

 

 Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge.

Note: A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less. 

TAX RATES FOR NEW REGIME( GOVT HAS PROVIDED AN OPTION TO INDIVIDUALS AND HUF )

The Finance Act, 2020, has provided an option to Individuals and HUF for payment of taxes at the following reduced rates from Assessment Year 2021-22 and onwards:

Total Income (Rs)	Rate
Up to 2,50,000	Nil
From 2,50,001 to 5,00,000	5%
From 5,00,001 to 7,50,000	10%
From 7,50,001 to 10,00,000	15%
From 10,00,001 to 12,50,000	20%
From 12,50,001 to 15,00,000	25%
Above 15,00,000	30%

 

Health and Education Cess : Health and Education Cess is levied at the rate of 4% on the amount of income-tax plus surcharge. 

Note : A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 12,500, whichever is less. 

Note : The option to pay tax at lower rates shall be available only if the total income of assessee is computed without claiming specified exemptions or deductions: 

the individual or HUF opting for taxation under the newly inserted section115BAC of the Act shall not be entitled to the following exemptions/ deductions: 

(i) Leave travel concession as contained in clause (5) of section 10; 

(ii) House rent allowance as contained in clause (13A) of section 10; 

(iii) Some of the allowance as contained in clause (14) of section 10; 

(iv) Allowances to MPs/MLAs as contained in clause (17) of section 10; 

(v) Allowance for income of minor as contained in clause (32) of section 10; 

(vi) Exemption for SEZ unit contained in section 10AA; 

(vii) Standard deduction, deduction for entertainment allowance and employment/professional tax as contained in section 16; 

(viii) Interest under section 24 in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. 

(Loss under the head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per extant law); 

(ix) Additional deprecation under clause (iia) of sub-section (1) of section 32; 

(x) Deductions under section 32AD, 33AB, 33ABA; 

(xi) Various deduction for donation for or expenditure on scientific research contained in sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35; 

(xii) Deduction under section 35AD or section 35CCC; 

(xiii) Deduction from family pension under clause (iia) of section 57; 

(xiv) Any deduction under chapter VIA (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA,80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc). However, deduction under sub-section (2) of section 80CCD (employer contribution on account of employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.

As many allowances have been provided through notification of rules, it is proposed to carry out amendment of the Income-tax Rules, 1962 (the Rules) subsequently, so as to allow only following allowances notified under section 10(14) of the Act to the Individual or HUF exercising option under the proposed section: 

(a) Transport Allowance granted to a divyang employee to meet expenditure for the purpose of commuting between place of residence and place of duty 

(b) Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office; 

(c) Any Allowance granted to meet the cost of travel on tour or on transfer; 

(d) Daily Allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.

It is also proposed to amend rule 3 of the Rules subsequently, so as to remove exemption in respect of free food and beverage through vouchers provided to the employee, being the person exercising option under the proposed section, by the employer.