Income Tax Slabs 2021 & Tax Rates for FY 2020-21
Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been 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 from the bank. Budget 2021 Live Update will be announced on 1st February 2021 addressed by FM Nirmala Sitharaman Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit ). Income Tax Slab Rates for F.Y 2020-21 (A.Y 2021-22) a. Income tax slab rate for new tax regime F.Y 2020-21 - Why it is optional? In this new tax regime, tax payers...