New Income Tax Slab

Hello World, 

Find below the table for new income tax slab for an individual for accounting year 2020-21:-

New Income Tax Slab for Individual (New Regime)
Income Tax Slab	Tax Rate	Cess
Up to Rs.2.5 lakh	Nil	Nil
From Rs.2,50,001 to Rs.5,00,000	5% of the total income	4%
From Rs.5,00,001 to Rs.7,50,000	10% of the total income	4%
From Rs.7,50,001 to Rs.10,00,000	15% of the total income	4%
From Rs.10,00,001 to Rs.12,50,000	20% of the total income	4%
From Rs.12,50,001 to Rs.15,00,000	25% of the total income	4%
Income above Rs.15,00,001	30% of the total income	4%

Do I need to file Income Tax Return (ITR) if my annual income is below Rs.2.5 lakh?

Answer: It's not mandatory, however for the record purpose you can file ITR. For this, you can follow the link https://www.incometaxindiaefiling.gov.in/home

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.