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Find below the table for new income tax slab for an individual for accounting year 2020-21:-
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New
Income Tax Slab for Individual (New Regime)
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||
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Income Tax Slab
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Tax Rate
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Cess
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Up to Rs.2.5 lakh
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Nil
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Nil
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From Rs.2,50,001 to Rs.5,00,000
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5% of the total income
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4%
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From Rs.5,00,001 to Rs.7,50,000
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10% of
the total income
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4%
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From Rs.7,50,001 to Rs.10,00,000
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15% of the total income
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4%
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From Rs.10,00,001 to Rs.12,50,000
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20% of
the total income
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4%
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From Rs.12,50,001 to Rs.15,00,000
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25% of the total income
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4%
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Income above Rs.15,00,001
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30% of
the total income
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4%
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Classification of Different types of income: -
Salaries
individuals, Capital gains, Gains/Profits from profession or business, Income
from house property, Income from other sources.
You
should know that agriculture income is non-taxable.
The
family pension income can be taken under Income from Other Sources.
TDS Full Form
is Tax is Deducted at Source. According to the Income Tax Act 1961, a specific
amount is reduced when a certain payment like salary, commission, rent,
interest, professional fees, etc. is made.
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