Assessment Year 2020-21: Income Tax Slab Rates For Individual Assessee

Income Tax is levied on the income earned by all the individuals, HUF, partnership firms, LLPs, and corporate 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. Here in this article, we will know about the Income Tax Slab For Individual For AY 2020-21

Income Tax Slab For Individual Assessee

As we discussed above that, the Indian Income Tax Act levies the tax on individual taxpayers on the basis of a slab system. This type of taxation enables a progressive and fair system in the country. These slab rates are different for different categories of taxpayers. Indian income tax slab classify three categories of” individual” taxpayers such as-

1. Individual aged less than of 60 years including resident and non resident assessee.

2. Resident senior citizens 60 to 80 years of age.

3. Resident super senior citizens aged more than 80 years.

Income Tax Slab For Individual For AY 2020-21 (Men and Women)

Here you find the chart of Income Tax Slab For Individual For AY 2020-21

Income Tax SlabIncome Tax Rates (Age below 60 years)
upto Rs. 2,50,000NIL- No Tax
Rs. 2,50,000 to Rs. 5,00,0005 % of total income exceeding Rs. 2,50,000
Rs. 5,00,001 to Rs. 10,00,000Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
Income Tax Slab For Individual For AY 2020-21

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if his total income is up to Rs. 5,00,000 for AY 2020-21

Note 3:- Surcharge is additional on the amount of Income tax.

Also Read- Assessment Year 2021-22: Income Tax Slab For Individual Assessee

Income Tax Rates for Resident Senior Citizen (Age 60 years to 80 years)

Income Tax SlabIncome Tax Rates For Senior Citizen (Age 60 years to 80 years)
upto Rs. 3,00,000NIL- No Tax
Rs. 3,00,000 to Rs. 5,00,0005 % of total income exceeding Rs. 3,00,000
Rs. 5,00,001 to Rs. 10,00,000Rs. 10,000 + 20% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,10,000 + 30% of total income exceeding Rs. 10,00,000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 5,00,000 for AY 2020-21.

Note 3:- Surcharge is additional on the amount of Income tax.

Must Read- Old vs New: Choose between Old Tax Regime and New Tax Regime of the Income Tax Act

Income Tax Rates for Resident Super Senior Citizen (Age above 80 years of age)

Income Tax SlabIncome Tax Rates For Super Senior Citizen (Age above 80 years of age)
upto Rs. 5,00,000NIL- No Tax
Rs. 5,00,001 to Rs. 10,00,00020% of total income exceeding Rs. 5,00,000
Above Rs. 10,00,000Rs. 1,00,000 + 30% of total income exceeding Rs. 10,00,000

Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.

Note 2:- Surcharge is additional on the amount of Income tax

Surcharge applicable to the individual covered above

Income LimitSurcharge rate on amount of Income Tax
Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore10%
Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore15%
Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore25%
Net Income exceeds Rs. 5 Crore37%

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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