ITR Filing for financial year 2020-21: Check Your Slab

Finance

 

New Delhi : Filing Income Tax Return (ITR) is an annual ritual by individuals and other category of taxpayers. This year’s income tax return will be filed for the Assessment Year 2021-22 or FY 2020-21.

The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. While the majority of the people might have already filed their Income Tax Return, it is possible that a lot of us are yet to file it.

Here is all about the Tax Slabs for AY 2021-22 for filing income tax return for Salaried Individuals. The slab is for Individual (resident or non-resident) less than 60 years of age anytime during the previous year:

Existing Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Income Tax Rate Income Tax Slab Income Tax Rate
Up to Rs 2,50,000 Nil Up to Rs 2,50,000 Nil
Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000 Rs 2,50,001 – Rs 5,00,000 5% above Rs 2,50,000
Rs 5,00,001 – Rs 10,00,000 Rs 12,500 + 20% above Rs 5,00,000 Rs 5,00,001 – Rs 7,50,000 Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000 Rs 1,12,500 + 30% above Rs 10,00,000 Rs 7,50,001 – Rs 10,00,000 Rs 37,500 + 15% above Rs 7,50,000
Rs 10,00,001 – Rs 12,50,000 Rs 75,000 + 20% above Rs 10,00,000
Rs 12,50,001 – Rs 15,00,000 Rs 1,25,000 + 25% above Rs 12,50,000
Above Rs 15,00,000 Rs 1,87,500 + 30% above Rs 15,00,000

It is to be noted that individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime.

 

 

 

 

Source:zeenews

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