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2018-19 ITR (https://cleartax.in/s/itr)
Updated on –Thu Jun 24 2021 3:03:03 PM

Budget 2021 update :It has been proposed to exempt the senior NPS Calculator
citizens from filing income tax returns if pension income and interest (https://cleartax.in/s/nps-
income are their only annual income source. Section 194P has been calculator)
newly inserted to enforce the banks to deduct tax on senior citizens
more than 75 years of age who have a pension and interest income How to file ITR on ClearTax
from the bank.
(https://cleartax.in/s/how-to-
e-file-your-income-tax-return)
Budget 2021 Live Updates (https://cleartax.in/s/budget-2021) will be
announced on 1st February 2021 addressed by FM Nirmala Section 206AB/206CCA
Sitharaman (https://cleartax.in/s/section-
206ab-206cca)
The due date to file income tax returns stands extended to 10th
est Tax Saving Mutual Funds
January 2021 for the tax filing of AY 2020-21. For tax audit cases and
TP cases, the due date is 15th february 2021.
(https://cleartax.in/s/best-tax-
saving-mutual-funds-2017-18)

Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs SIP Funds (https://cleartax.in
and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as
/s/sip)
per the slab system if their income is above the minimum threshold limit (known as basic
exemption limit ).
Mutual Fund
This article includes [hide] (https://cleartax.in/s/mutual-
funds)

1 of 12 6/24/2021, 3:07 PM
Income Tax Slab 2020-21 - Revised Income Tax Slabs & Tax Rates in India FY 2020-21 https://cleartax.in/s/income-tax-slabs

Income Tax Slab

(https://cleartax.in/s/income-
tax-slabs)

Save your Taxes Now

Income Tax Slabs under Old

Regime

Indian Income tax levies tax on individual taxpayers on the basis of a slab system. Slab system
means different tax rates are prescribed for different ranges of income. It means the tax rates
keep increasing with an increase in the income of the taxpayer. This type of taxation enables
progressive and fair tax systems in the country. Such income tax slabs tend to undergo a
change during every budget.These slab rates are different for different categories of taxpayers.
Income tax has classified three categories of “individual “taxpayers such as:
Income Tax Slabs under New
Regime
Individuals (aged less than of 60 years) including residents and non-residents
Resident Senior citizens (60 to 80 years of age)
Resident Super senior citizens (aged more than 80 years)

a. Income tax slab rate for New Tax regime -FY

2020-21 – Why is it optional?
In this new regime, taxpayers has an OPTION to choose either :

1. To pay income tax at lower rates as per New Tax regime on the condition that they forgo Maximize tax
certain permissible exemptions and deductions available under income tax, Or
2. To continue to pay taxes under the existing tax rates.The assessee can avail rebates and savings
exemptions by staying in the old regime and paying tax at the existing higher rate.
up to ₹46,800 easily
Income tax slab rate applicable for New Tax regime – FY 2020-21. • Invest in direct ELSS funds

Income Tax Slab

New Regime Income Tax Slab Rates for FY 2020-21 • 0% commission
(Applicable for All Individuals & HUF)

Rs 0.0 – Rs 2.5 Lakhs NIL

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Rs 2.5 lakhs- Rs 3.00 Lakhs (https://cleartax.in/save/plan/19?ref-
5% (tax rebate u/s 87a is available) omelette-cta-mf)
Rs. 3.00 lakhs – Rs 5.00 Lakhs
or
Rs. 5.00 lakhs- Rs 7.5 Lakhs 10%

Rs 7.5 lakhs – Rs 10.00 Lakhs 15%

Rs 10.00 lakhs – Rs. 12.50 Lakhs 20% Get download link

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Rs. 12.5 lakhs- Rs. 15.00 Lakhs 25%
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> Rs. 15 Lakhs 30%

Difference of slab rates between New tax regime vs Old Tax regime

NOTE:
Please note that the tax rates in the New tax regime is the same for all categories of
Individuals, i.e Individuals & HUF upto 60 years of age, Senior citizens above 60 years
upto 80 years , and Super senior citizens above 80 years. Hence no increased basic
exemption limit benefit will be available to senior and super senior citizens in the New
Tax regime.

Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax
rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing

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tax regimes.

Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.

Additional Health and Education cess at the rate of 4 % will be added to the income tax
liability in all cases. (increased from 3% since FY 18-19)

Surcharge applicable as per tax rates below in all categories mentioned above:

10% of Income tax if total income > Rs.50 lakh

15% of Income tax if total income > Rs.1 crore

25% of Income tax if total income > Rs.2 crore

37% of Income tax if total income > Rs.5 crore

b. Income tax slabs rate for Old Tax regime -FY

2020-21

Select your Age Group: Less Than 60 Years Old

Income tax slabs for Individual aged below 60 years & HUF

Individuals Below The Age Of 60 Years – Income Tax

Income Tax Slab
Slabs

Up to Rs 2.5 lakhs NIL

Rs. 2.5 lakh -Rs. 5Lakhs 5%

Rs 5 .00 lakh – Rs 10
20%
lakhs

> Rs 10.00 lakh 30%

NOTE:
Income tax exemption limit is up to Rs.2,50,000 for Individuals , HUF below 60 years
aged and NRIs for FY 2018-19

An additional 4% Health & education cess will be applicable on the tax amount calculated
as above.

Surcharge:

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

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

c. Difference of slab rates between New tax regime &

Old Tax regime
New Regime
Existing Regime Slab Rates for FY 19-20 and FY
Slab Rates
20-21
for FY 20-21

Income Tax Slab

Resident Resident Resident Applicable for
Individuals & Individuals & Individuals & All
HUF < 60 years HUF > 60 to < HUF > 80 Individuals &
of age & NRIs 80 years years HUF

Rs 0.0 – Rs 2.5
NIL NIL NIL NIL
Lakhs

Rs 2.5 – Rs 3.00
NIL NIL
Lakhs 5% (tax rebate
5% (tax rebate u/s
u/s 87a is
87a is available)
Rs. 3.00- Rs 5.00 5% (tax rebate u/s available)
NIL
Lakhs 87a is available)

Rs. 5.00 – Rs 7.5

20% 20% 20% 10%
Lakhs

Rs 7.5 – Rs 10.00
20% 20% 20% 15%
Lakhs

Rs 10.00 – Rs.
30% 30% 30% 20%
12.50 Lakhs

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New Regime
Existing Regime Slab Rates for FY 19-20 and FY
Slab Rates
20-21
for FY 20-21
Income Tax Slab
Resident Resident Resident Applicable for
Individuals & Individuals & Individuals & All
HUF < 60 years HUF > 60 to < HUF > 80 Individuals &
of age & NRIs 80 years years HUF

Rs. 12.5 – Rs.

30% 30% 30% 25%
15.00 Lakhs

> Rs. 15 Lakhs 30% 30% 30% 30%

d. Conditions for opting New Tax regime.

The taxpayer opting for concessional rates in the New Tax regime will have to forgo certain
exemptions and deductions available in the existing old tax regime. In all there are 70
deductions & exemptions that are not allowed, out of which the most commonly used are listed
below:

List of common Exemptions and List of deductions “allowed” under new

deductions “ not allowed” under New Tax Tax rate regime
rate regime
Transport allowance for specially
Leave Travel Allowance (LTA) abled people
(https://cleartax.in/s/lta-leave-travel-
Conveyance allowance for expenditure
allowance)
incurred for travelling to work
House Rent Allowance (HRA)
Investment in Notified Pension
(https://cleartax.in/s/hra-house-rent-
Scheme under section 80CCD(2)
allowance)
Deduction for employment of new
Conveyance allowance
employees under section 80JJAA
Daily expenses in the course of
Depreciation u/s 32 of the Income-tax
employment
act except additional depreciation.
Relocation allowance
Any allowance for travelling for
Helper allowance employment or on transfer

Children education allowance

Other special allowances [Section

10(14)]

Standard deduction on salary

(https://cleartax.in/s/standard-
deduction-salary)

Professional tax

Interest on housing loan (Section 24)

Deduction under Chapter VI-A

deduction (80C,80D, 80E and so on)
(Except Section 80CCD(2))

e. Example for Old Tax regime Vs New Tax regime &

which is better?
The new tax regime can largely benefit middle class taxpayers who have a taxable income upto
Rs 15 lakh. Old regime is a better option for high-income earners.

The new income tax regime is beneficial for people who make low investments. As the new
regime offers seven lower income tax slabs, anyone paying taxes without claiming tax
deductions can benefit from paying a lower rate of tax under the new tax regime. For instance,
assessee having total income before deduction up-to Rs 12 lakh will have higher tax liability
under the old system if they have investments less than Rs 1.91 lakh. Therefore, if you invest
less in tax-saving schemes, go for the new regime.

That being said, if you already have in place a financial plan for wealth creation by making
investments in tax-saving instruments; mediclaim and life insurance; making payments of
children’s tuition fees; payment of EMIs on education loan ;buying a house with a home loan;
and so on, the old regime helps you with higher tax deductions and lower tax outgo.

In light of the above and considering the new income tax regime, if taxpayers want to opt for the
concessional tax rates, they may evaluate both regimes. Hence, it is advisable to do a
comparative evaluation and analysis under both regimes and then choose the most
beneficial one as it may vary from person to person.

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Let’s take an example of comparing the Old & New tax regime of an assessee with Rs 10 Lakh
income.

Mr. Rahul has a salary income of Rs 10 lakh. His total investment u/s 80C is Rs 1.7 lakh under
ELSS, PF, LIC premium and principal installment of home loan. Further he pays Medical
insurance for himself and his wife of Rs 28000. If he opts for the old tax regime, then he can
claim the above deductions, however if he wishes to go for a new tax regime than these
deductions will not be available. He has paid home loan interest of Rs 75000 in FY 20-21. Let
us see the tax outflow in both the regimes

Particulars Old Tax Regime (Rs) New Tax Regime (Rs)

Gross Income 1,000,000 1,000,000

Deductions:

u/Sec: 80C 150,000 –

u/Sec: 80D 25,000 –

u/Sec: 24(b) 75,000 –

Taxable Income 750,000 1,000,000

Tax Slab (OLD)

0 to 2.5 Lakh – –

2.5 to 5 Lakh @ 5% 12,500 –

5 Lakh to 10 Lakh @ 20% 50,000 –

> 10 Lakh @ 30% – –

Tax Slab (NEW)

0 to 5 Lakh – –

2.5 to 5 Lakh @ 5% – 12,500

5 to 7.5 Lakh @ 10% – 25,000

7.5 Lakh to 10 Lakh @ 15% – 37,500

10 Lakh to 12.5 Lakh @ 20% – –

12.5 Lakh to 15 Lakh @ 25% – –

> 15 Lakh @ 30% – –

Income Tax 62,500 75,000

Cess @ 4% 2,500 3,000

Total Tax Outgo 65,000 78,000

As per illustration above, if the gross income is more than Rs 10 lakh or and deductions u/S
80C, 80D, and 24(b) of the Income Tax Act are availed , then older regime is more beneficial
from tax planning standpoint. While for individuals in the middle-income group, earning a gross
income of say Rs 5 lakh; the new tax slab regime may prove advantageous.

f. Time of Selection of option of ols vs new regime?

Nature of Income Time of Selection of option of old vs new regime

An employee can opt to choose for the new tax regime and
intimate their employer at the beginning of FY 2020-21 .
Employees can change the option of selecting the tax regime
Income from Salary or every year
any other head of
However if new tax slab regime is opted at the begning of the
income attracting TDS
year, it cannot be changed anytime during the year for TDS
purpose, however the option can be changed at the time of
filing of Income-tax return.

In case of Business or profession income , the option to choose

Income from Business &
between the tax regimes is available only once for a particular
Profession
business.

g. New Tax regime Slab rates for domestic companies

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– FY 2020-21.
Existing / Old regime New Regime Tax
Particulars
Tax rates rates

Company opts for section 115BAB (not

covered in section 115BA and 115BAA) & is
registered on or after October 1, 2019 and – 15%
has commenced manufacturing on or before
31st March, 2023.

Company opts for Section 115BAA , wherein

the total income of a company has been
calculated without claiming specified – 22%
deductions, incentives, exemptions and
additional depreciation

Company opts for section 115BA registered

on or after March 1, 2016 and engaged in
manufacture of any article or thing and does – 25%
not claim deduction as specified in the
section clause.

Turnover or gross receipt of the company is

less than Rs. 400 crore in the previous year 25% 25%
2018-19

Any other domestic company 30% 30%

*Please refer to the new sections for checking the applicability for above concessional income
tax rates.

Additional Health and Education cess at the rate of 4 % will be added to the income tax
liability in all cases.

Surcharge applicable for companies is as below:

7% of Income tax where total income > Rs 1 crore
12% of Income tax where total income > Rs.10 crore
10% of income tax where domestic company opted for section 115BAA and
115BAB

h. Income tax rate for Partnership firm or LLP as per

old/ new regime.
A partnership firm/ LLP is taxable at 30%.
* 12% Surcharge is levied on incomes above Rs 1 crore. Health and Education cess at the rate
of 4 % Note- There are no concessional rates introduced for firms / LLPs in nex tax regime.

Select your Age Group: Less Than 60 Years Old

Tax Rates for Individual & HUF Below the Age Of 60 Years &
Income Tax Slab
NRIs

Up to ₹2,50,000* Nil

₹2,50,001 to ₹5,00,000 5%

₹5,00,001 to
20%
₹10,00,000

Above ₹10,00,000 30%

NOTE:
Income tax exemption limit is up to Rs.2,50,000 for Individuals , HUF below 60 years
aged and NRIs for FY 2018-19

An additional 4% Health & education cess will be applicable on the tax amount calculated

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as above

Surcharge:

– 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
– 15% of income tax, where the total income exceeds Rs.1 crore.

Invest Now & Save Upto ₹ 46,800 on Taxes

Select your Age Group: Less Than 60 Years Old

Tax Rates for Individual & HUF Below the Age Of

Income Tax Slab
60 Years

Income up to Rs 2,50,000* No tax

Income from Rs 2,50,000 – Rs

5%
5,00,000

Income from Rs 5,00,000 –

20%
10,00,000

Income more than Rs 10,00,000 30%

NOTE:
An additional 4% Health & education cess will be applicable on the tax amount calculated
as above

Surcharge applicability:

– 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
– 15% of income tax, where the total income exceeds Rs.1 crore.

Invest Now & Save Upto ₹ 46,800 on Taxes

Select your Age Group: Less Than 60 Years Old

Tax Rates for Individual & HUF Below the Age Of

Income Tax Slab
60 Years

Income up to Rs 2,50,000* No tax

Income from Rs 2,50,000 – Rs

5%
5,00,000

Income from Rs 5,00,000 –

20%
10,00,000

Income more than Rs 10,00,000 30%

NOTE:
An additional 4% Health & education cess will be applicable on the tax amount calculated
as above

Surcharge applicability:

– 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
– 15% of income tax, where the total income exceeds Rs.1 crore.

Invest Now & Save Upto ₹ 46,800 on Taxes

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Rohit has a total taxable income of Rs 8,00,000. This income has been calculated by including
income from all sources such as salary, rental income, and interest income. Deductions under
section 80 have also been reduced. Rohit wants to know his tax dues for FY 2018-119 (AY
2019-2019).

Tax
Income Tax Slabs Tax Rate
Calculation

*Income up to Rs 2,50,000 No tax

Income from Rs 2,50,000 – Rs

5% (Rs 5,00,000 – Rs 2,50,000) Rs 12,500
5,00,000

20% (Rs 8,00,000 – Rs

Income from Rs 5,00,000 – 10,00,000 Rs 60,000
5,00,000)

Income more than Rs 10,00,000 30% nil

Tax Rs 72,500

Cess 4% of Rs 72,500 Rs 2,900

Total tax in FY 2017-18 (AY 2018-19) Rs 75,400

*Please note that Rohit is an individual taxpayer assessee having an income tax exemption of
Rs 2,50,000. For other taxpayers assessee i.e senior citizens and super senir citizens, the
Income tax limit for availing the exemption would be Rs 3,00,000 & Rs 5,00,000 respectively.

Do I have to mandatorily opt for New Can I claim 80C deductions and opt
tax regime while filing returns for AY for a new income tax slab regime ?
20-21?
No, the new tax regime does not allow
No, the New Income Tax regime is an many deductions and exemptions
Optional & was introduced by the allowed in the old/ existing tax rate
finance department to simplify the tax regime. Deductions u/s 80C cannot be
filing. The taxpayer has an option to claimed in the taxpayer is opting for
either choose a New Tax regime or concessional tax slab rates as per
continue with the Old tax regime. If New regime.
you are an employee, then the option
is to be chosen at the starting of the
year and can be changed next year.
However, in case of business or
profession, the option to choose is
available only once in AY 20-21. We
will advise you to evaluate your tax
outgo considering both the regimes
and then chose the one most
beneficial to you.

How should I calculate Income Tax for How does the government collect the
F.Y 2020-21 taxes?

FY 20-21 allows an individual tax Taxes are collected by the

payer to pay the taxes by opting either Government through three means: a)
of two tax regimes, The old tax regime voluntary payment by taxpayers into
or the New one. The new income tax various designated Banks. For
regime gives the individual the example, Advance Tax and Self
freedom to continue with the old tax Assessment Tax paid by the
regime if they wish to. While opting for taxpayers, b) Taxes deducted at
the new tax regime, the taxpayer will source [TDS] from the income of the
have to forgo certain deductions and receiver, and c)Taxes collected at
exemptions that are allowed in the old source [TCS].
tax regime which will be available if the
Old tax regime is chosen to
continue.The new tax regime has only
one deduction which is the one under
Section 80CCD(2). This means the
employer’s contribution to the
employee’s National Pension Scheme

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is deducted from the annual salary.

Under both old and new regimes, you
can deduct Rs 2,50,000 from your
gross salary to arrive at your net
taxable income since the basic
exemption is applicable to both
regimes.

What is the time period considered for On the Challan, what does income tax
the purpose of levy of income tax? on companies and income tax other
than companies mean?
Income-tax is levied on the annual
income of a person. The year under The tax that is to be paid by the
the Income-tax Law is the period companies on their income is called as
starting from 1st April and ending on corporate tax, and for payment of
31st March of next calendar year. The same in the challan it is mentioned as
Income-tax Law classifies the year as Income-tax on Companies
(i) Previous year, and (ii) Assessment (Corporation tax)-0020. Tax paid by
year. non-corporate assessees is called as
Income-tax, and for payment of the
same in the challan it is to be
mentioned as Income-tax (other than
Companies)-0021

Is the due date for filing an Income tax What is the meaning of rebate under
Return same for all the taxpayers? section 87 A under the IT Act?

No, the due date for all the taxpayers Section 87A is a legal provision which
is not the same. For individual allows for tax rebate under the Income
taxpayers the due date is 31st July of Tax Act of 1961. The section which
the assessment year. However due to was inserted through the Finance Act
Covid, the due date for filing ITR for of 2013 provides tax relief for
FY 19-20 has been extended to 31st individuals earning below a specified
Dec for individual / HUF , non -audit limit. Section 87 A provides that
cases whereas it is 31st Jan for audit anyone who is residing in India and
cases. whose income does not exceed Rs
5,00,000 is eligible to claim a rebate.
Thus full income tax rebate is available
with individuals with less than Rs 5
Lac of total taxable income. This
rebate is applicable only to individuals
and not companies, etc and is
calculated before adding the health
and educational cess of 4 %.

Who decides the IT slab rates and can Are there separate slab rates for
they change? different categories?

Yes, IT slab rates can be changed by Yes. There are separate slab rates for
the government . If there are changes individual taxpayers aged below 60
in IT slab rates for the financial year years, between 60 to 80 years (senior
then they are introduced in the Budget citizens) and above 80 years (super
for that year and presented in senior citizens). Also tax rate for
Parliament. partnership firms and LLPs,
Companies, Local authorities and Co-
operative societies etc are different.

Do I need to file Income Tax Return How to file an income tax return
(ITR) if my annual income is below ₹ online?
2.5 lakh of basic exemption limit?
To submit your income tax return
The taxation process is dependent on online, log on to either the income tax
a number of factors. It is advisable to e-filing portal or you can also e-file
get in touch with a personal tax through ClearTax (https://cleartax.in
advisor. /income-tax-
efiling?utm_source=Google_ITR&
utm_medium=Search_Brand&
utm_campaign=7Cities&
gclid=Cj0KCQiAtqL-
BRC0ARIsAF4K3WGb_O6PGloBRU2eOSP1L7YAnpDbPaF40GpXckohjo7IJs897p-
lURsaAvetEALw_wcB) . For e-filing
through the income tax portal, log on
to
https://www.incometaxindiaefiling.gov.in/home
(https://www.incometaxindiaefiling.gov.in
/home) and download the excel/Java
utilities from the “download > ITR

9 of 12 6/24/2021, 3:07 PM
Income Tax Slab 2020-21 - Revised Income Tax Slabs & Tax Rates in India FY 2020-21 https://cleartax.in/s/income-tax-slabs

return preparation software” tab on the

main screen. You can extract the ZIP
files and fill the required information in
these utilities and upload it after
logging in with PAN, password and the
captcha. Please remember to verify
the return before submitting or within
120 of filing ITR. ITR filing is
incomplete without verification. You
can also directly fill the details in the
auto-populated ITR form through
“prepare and submit online”. Please
click here (https://news.cleartax.in
/how-to-e-file-itr-on-https-www-
incometaxindiaefiling-gov-in-home/) to
read the step-by-step guide on how to
e-file ITR on the income tax e-filing
portal. Also, you can simplify your
e-filing and do it in under 7 minutes
with ClearTax (https://cleartax.in
/income-tax-
efiling?utm_source=Google_ITR&
utm_medium=Search_Brand&
utm_campaign=7Cities&
gclid=Cj0KCQiAtqL-
BRC0ARIsAF4K3WGb_O6PGloBRU2eOSP1L7YAnpDbPaF40GpXckohjo7IJs897p-
lURsaAvetEALw_wcB) . Click here to
know how (https://cleartax.in/s/how-to-
e-file-your-income-tax-return).

How much income is tax free in india? How to calculate surcharge on income
tax?
Income tax law has prescribed a basic
limit for individuals upto which the Surcharge is a tax on tax. Hence
taxpayers are not required to pay surcharge is calculated on the tax
taxes. Such a limit is different for payable and not on the income
different categories of taxpayers. earned. For example, if you have an
Individual below 60 years of age are income of Rs 1000 with 30% tax of Rs.
not required to pay tax upto the 300, if the income is subject to
income limit of Rs 2.5 Lakh. surcharge then 10% surcharge would
Individuals above 60 years but less be levied on tax of Rs. 300 i.e Rs 30.
than 80 years of age are not required Surcharge is levied at different rates
to pay tax upto Rs 3 lakh of income. i.e 10% is levied is total income is > 50
Individuals above 80 years are not lakh, 15% is levied if total income is
required to pay tax upto Rs 5 lakh of more than 1 crore, 25% of income if
income. total income is > 2 crore and 37% if
total income is more than 5 crore.

How to calculate the age of a senior How to pay income tax online?
citizen for income tax?
To make payment of income tax
Individual above the age of 60 years is online, please login to nsdl.com
regarded as a senior citizen whereas (https://onlineservices.tin.egov-
an individual above 80 years is nsdl.com/etaxnew/tdsnontds.jsp).
regarded as a super senior citizen for Please select the relevant challan for
the purpose of income tax. Senior example ‘challan no / ITNS 280’ for
citizens and super senior citizens have payment in case of self assessment
been provided higher tax exemption tax and select on proceed. A window
limits and specific benefits by the will open , select tax payal as “income
income tax law in order to provide tax (other than companies) , select
some relief. type of payment , select mode of
payment, and enter details like PAN ,
AY , address etc. Once you proceed ,
a separate window will open requiring
you to make the payment using either
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