Given below are the latest income tax it slabs applicable for the financial year 202021 assessment year 202122. Other deduction from income under income tax fy 11 12. Rates of tax for a woman, resident in india and below sixty years of age at any time during the financial year. Income tax slab rates 201920 pdf download ay 202021. The finance minister, in the budget today, changed the tax slabs for men, women and senior citizens. Under the new income tax rates and slabs, individual taxpayers will have to pay 10 percent tax on income between rs 5 lakh and rs 7. The highest tax slab has now been raised from rs 5 lakh to rs 8 lakh. It is deductible from income tax before calculating education cess. Normal tax rates applicable to an individual the normal tax rates applicable to a resident individual will depend on the age of the individual.
Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Income tax slab rates 202021 pdf download ay 202021. New income tax slab proposed in budget 201011 and its impact on male individual, female individual, huf and senior citizen. To help rationalize the impact of taxation on people who do not earn enough, there are income tax slabs in india. Under section 87a of the income tax act, taxpayers with income up to. Assessment year 201112, relevant to financial year 201011. The amount of income tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. Nonresident individualhuf net income range income tax rates health and education cess up to rs. The tax rates discussed in this part are applicable for assessment year 202021 i. Find updated latest income tax slab rates in india for individuals, company, nri, huf, llps.
How much income tax is payable is a question for which most people consult their chartered accountants or take help from their tax consultants. Income tax rates for fy financial year 2012 ay assessment year 2014,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Current income tax slab for 201920 income tax brackets. The income tax slabs have undergone a revision during the latest budget in india and here is a summary of different income tax slabs you must know for the financial year 201920.