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    Tax Slabs FY 2020-21 - by AssetYogi

    Uploaded by

    Nirav Tailor
    The document compares the old and new income tax slabs for fiscal year 2020-21 in India. It shows that under the new slabs, individuals with a net taxable income between Rs. 1.25 lakh to Rs. 1.5 lakh will pay lower taxes, saving between Rs. 15,600 to Rs. 62,400. However, those with a net income above Rs. 1.5 lakh will end up paying more tax, with the amount increasing from Rs. 46,800 to Rs. 80,080 more compared to the old slabs.

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    Tax Slabs FY 2020-21 - by AssetYogi

    Uploaded by

    Nirav Tailor
    27 views2 pages
    The document compares the old and new income tax slabs for fiscal year 2020-21 in India. It shows that under the new slabs, individuals with a net taxable income between Rs. 1.25 lakh to Rs. 1.5 lakh will pay lower taxes, saving between Rs. 15,600 to Rs. 62,400. However, those with a net income above Rs. 1.5 lakh will end up paying more tax, with the amount increasing from Rs. 46,800 to Rs. 80,080 more compared to the old slabs.

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    Tax Slabs FY 2020-21- by AssetYogi

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    The document compares the old and new income tax slabs for fiscal year 2020-21 in India. It shows that under the new slabs, individuals with a net taxable income between Rs. 1.25 lakh to Rs. 1.5 lakh will pay lower taxes, saving between Rs. 15,600 to Rs. 62,400. However, those with a net income above Rs. 1.5 lakh will end up paying more tax, with the amount increasing from Rs. 46,800 to Rs. 80,080 more compared to the old slabs.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    27 views2 pages

    Tax Slabs FY 2020-21 - by AssetYogi

    Uploaded by

    Nirav Tailor
    The document compares the old and new income tax slabs for fiscal year 2020-21 in India. It shows that under the new slabs, individuals with a net taxable income between Rs. 1.25 lakh to Rs. 1.5 lakh will pay lower taxes, saving between Rs. 15,600 to Rs. 62,400. However, those with a net income above Rs. 1.5 lakh will end up paying more tax, with the amount increasing from Rs. 46,800 to Rs. 80,080 more compared to the old slabs.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    OLD VS NEW INCOME TAX SLABS FY 2020-21

    Income (₹) Old Rate Tax Amount New Rate Tax Amount
    Upto ₹ 2.5 Lakhs 0 0 0 0
    ₹ 2.5 Lakhs - ₹ 5 Lakhs 0 0 0 0
    ₹ 2.5 Lakhs - ₹ 5 Lakhs 5% 12,500 5% 12,500
    ₹ 5 Lakhs - ₹ 7.5 Lakhs 20% 50,000 10% 25,000
    ₹ 7.5 Lakhs - ₹ 10 Lakhs 20% 50,000 15% 37,500
    ₹ 10 Lakhs - ₹ 12.5 Lakhs 30% 75,000 20% 50,000
    ₹ 12.5 Lakhs - ₹ 15 Lakhs 30% 75,000 25% 62,500
    > ₹ 15 Lakhs 30% 30%

    Exemptions & Deductions YES NO

    Gross Income (₹) 1,500,000

    Low Medium High Very High


    Deductions Deductions Deductions Deductions
    A B C D
    Gross Income 1,500,000 1,500,000 1,500,000 1,500,000
    HRA Exemption 360,000
    Standard Deduction 50,000 50,000 50,000 50,000
    Loss from House Property 200,000
    Gross Total Income 1,450,000 1,450,000 1,250,000 1,090,000
    Deductions under Sec. 80C 150,000 150,000 150,000
    Deductions under Sec. 80D 50,000
    Net Taxable Income 1,450,000 1,300,000 1,100,000 890,000

    Tax @ Old Slabs 257,400 210,600 148,200.00 114,920


    Tax @ New Slabs 195,000 195,000 195,000 195,000
    Gain/ Loss under New Slabs 62,400 15,600 -46,800 -80,080
    BY - ASSETYOGI

    Remarks

    If Net Taxable Income is < ₹ 5 Lakhs


    If Net Taxable Income is > ₹ 5 Lakhs

    Break-Even

    E
    1,500,000

    50,000

    1,450,000
    150,000
    50,000
    1,250,000

    195,000
    195,000
    0

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