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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...

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Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts

Feb 13, 2020

New Income Tax Slab

- 1 comment
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.

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