INDIVIDUAL TAX RATE
Budget 2020: FM Nirmala Sitharaman today proposed new income tax slabs and lower tax rates for F.Y 2020-21 | A.Y 2021-22. Lower income tax rates are optional and are available to those who are willing to forego some exemptions and some deductions. The new income tax rates will be significantly reduced for those who forego reliefs, exemptions, the finance minister said.
Option 1 -OLD TAX REGIME with deductions & exemptions:
For Non-Senior Citizen (Age – less than 60 years)
An Individual whether an Indian resident or non-resident Indian who is less than 60 years of age will be considered as Non-Senior Citizen and would be taxed at the following rates depending upon the slabs of income.
| Income Slab | Tax Rate |
| Income to Rs.5 Lakhs | NIL |
| Between Rs 5 lakh and Rs 7.5 lakh | 10% |
| BetweenRs 7.5 and Rs 10 lakh | 15% |
| Between Rs 10 and Rs 12.5 lakh | 20% |
| Between Rs 12.5 lakh and Rs 15 lakh | 25% |
| Above Rs 15 lakh | 30% |