INCOME SLABS AND TAX R̥ATES FOR money YEAR:2020-2021/ASSESSMENT YEAR:2021-2022INCOME TAX RATE AND SLABS for people AND HINDU UNDIVIDED FAMILIES (HUF):-Individual (Resident or Resident however not unremarkably Resident or Non-Resident), WHO is that the age of fewer than sixty years on the Last Day of the relevant previous year and for HUF:
| TAXABLE INCOME | TAX RATE (EXISTING SCHEME) |
| UP TO Rs.2,50,000 | NIL |
| UP TO Rs.2,50,000 to Rs.5,00,000 | 5% |
| Rs.5,00,000 to Rs.10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
Resident or Resident however not a normal Resident grownup, i.e., each individual, being or Resident or Resident however not normal Resident in India, WHO is getting on of sixty years or quite however but eighty years at any time throughout the previous year:
| TAXABLE INCOME | TAX RATE (EXISTING SCHEME) |
| Up to Rs.3,00,000 | Nil |
| Rs.3,00,000 to Rs.5,00,000 | 5% |
| Rs.5,00,001 to Rs.10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
Resident or Resident however not unremarkably Resident Super grownup, i.e., each individual, being a Resident or Resident however not unremarkably Resident in India, WHO is of the age of eighty years or a lot of at any time throughout the previous year:
| TAXABLE INCOME | TAX RATE (EXISTING SCHEME) |
| Up to Rs.5,00,000 | Nil |
| Rs.5,00,000 to Rs.10,00,000 | 20% |
| Above Rs.10,00,000 | 30% |
SURCHARGE:-
10% of tax wherever total financial gain exceeds Rs.50 Lakh.
15% of tax wherever total financial gain exceeds Rs.1Crore.
25% of tax wherever total financial gain exceeds Rs.2Crore.
37% of tax wherever total financial gain exceeds Rs.5Crore.
EDUCATION CESS:-
four-dimensional of tax and surcharge if your financial gain is up to Rs.5Lakh.you are eligible for a full tax rebate U/S87A.
HEADS OF INCOME:-
1.INCOME FROM wage
2.INCOME FROM HOUSE PROPERTY
3.INCOME FROM BUSINESS/PROFESSIONAL.
4.INCOME FROM CAPITAL GAINS.
5.INCOME FROM different SERVICES.
