Income Tax Slab AY 2021-22 FY 2020-21 *PDF*

Income Tax Slab for F.Y. 2020-21 A.Y.2021-22 / Income Tax Slab A.Y. 2021-22 / Income Tax Calculation ay 2021-22 / Income Tax slab ay 2021-22 PDF /  Income Tax Slab Slab 2021-22 in Excel / Download Free Income Tax Slab 2021-22 changes as per Finance Act, 2020, Changes announced by Finance Minister on 13-05-2020

income tax slab fy 2020-21 ay 2021-22

The due dates to file an income tax return has been extended up to 30th November 2020.

Taxpayer CategoryDue Dates (F.Y. 2019-20)
Individual/BOI/HUF/AOP30-11-2020
Business Required Audit30-11-2020
Business (Required TP Report)30-11-2020

Income Tax Slab AY 2021-22 Last Update

This income tax slab for ay 2021-22 is up to date includes all amendments in budget 2020.  You don’t need to worry about update information. It includes all the changes and updates of Budget 2020, changes as per Finance Act, 2020, and changes announced by the Finance Minister on 13-05-2020.

Income Tax Slab AY 2021-22 Applicable Period

  • F.Y. 2020-21 (From 01-04-2020 to 31-03-2021)
  • A.Y. 2021-22 (From 01-04-2021 to 31-03-2022)
  • This income tax slab/income tax rates chart is applicable for your income earned between 01-04-2020 to 31-03-2021.

So, you will calculate your income tax on the basis of you earning from 01-04-2020 to 31-03-2021.

Changes in Budget 2020 of Income Tax Slabs

Here are some changes with income tax slab ay 2021-22.

  • Surcharge had been increased to 25% for income between 2 crore to 5 crore and to 37% for income above 5 crore annually.
  • The TDS rate of 2% chargeable for cash withdrawals above Rs.1 Crore in a year.
  • Introduced new scheme of personal tax rates
  • DDT now will be abolished and shareholders shall be liable to pay tax on divided income.
  • Threshold limit of tax audit is proposed to be increased from Rs.1 crore to Rs.5 crore provided cash receipt or payment does not exceed 5% of total receipt or payment, as the case may be.
  • Donation to PM CARES fund to be eligible for 100% deduction u/s 80G.
  • No change in basic exemption limit or slabs.

Important Points while Opt for New Tax Regime for ay 2021-22

  • In case of individuals with business income, the option once exercised for a financial year shall be valid for that year and all subsequent years.
  • Individuals who do not have any income from business or profession can exercise the option to avail lower tax rates every year.
  • You can’t claim specified deductions/exemptions. We have listed all the deductions which you can’t claim if optioned for new tax regime. You can go to the heading of deductions.

Income Tax Slab A.Y.2021-22 Under New Optional Tax Regime (Section 115BAC) (Individual/HUF)

  • For all Individuals (Below 60 Years, 60 to 80 Years and Above 80 Years). The new income tax slab ay 2021-22 rates under the new tax regime is not a category by age group.
  • It is optional to choose from new or old tax regime. Under a new tax regime, you cannot claim up to 70 income tax deductions while calculating taxes. You can opt for any scheme whether old or new depend on where you save more tax.
Income Income Tax Slab ay 2021-22
Income up to ₹ 2,50,000/-Nil
Income From ₹ 2,50,001/- to ₹ 5,00,000/-5% of (income – ₹  2,50,000)
Income from ₹5,00,001/- to ₹7,50,000/-₹ 12,500 + 10% of (your income – ₹ 5,00,000)
Income from ₹7,50,001/- to ₹10,00,000/-
₹ 37,500 + 15 % of (your income – ₹ 7,50,000)
Income over ₹ 10,00,001/- to ₹12,50,000/-₹ 75,000 + 20% of (your income – ₹ 10,00,000)
Income over ₹12,50,001/- to ₹15,00,000/-
₹ 1,25,000 + 25% of (your income – ₹ 12,50,000)
Income above ₹15,00,000
₹ 1,87,500/- + 30% of (your income – ₹ 15,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over Rs.50 lacs but less than Rs.1 crore.
@15% when total taxable income is over Rs.1 crore.
@25% when total taxable income is over Rs.2 crore.
@37% when total taxable income is over Rs.5 crore.
Health & Education Cess4% of (Income Tax + Surcharge)
Rebate Under Section 87A
A rebate under section 87A of Rs.12500 is available if the total income does not exceed Rs.5,00,000/-. The amount of rebate shall be 100% of income-tax or Rs.12,500 whichever is less.
The rebate under section 87A will be available in both the schemes i.e. existing scheme as well as new scheme.

Income Tax Slab A.Y.2021-22 Under Old Tax Regime (Individual)

Resident Individual/HUF Persons (Age Below 60 Years)

Income Tax Slab for F.Y.2020-21 A.Y. 2021-22 (Old Tax Regime)

Income Income Tax slab Ay 2021-22
Income up to ₹ 2,50,000/-Nil
Income From ₹ 2,50,001/- to ₹ 5,00,000/-5% of (income – ₹  2,50,000)
ncome from ₹5,00,001/- to ₹10,00,000/-₹ 12,500 + 20% of (your income – ₹ 5,00,000)
Income above ₹10,00,000
₹ 1,12,500/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over Rs.50 lacs but less than Rs.1 crore.
@15% when total taxable income is over Rs.1 crore.
@25% when total taxable income is over Rs.2 crore.
@37% when total taxable income is over Rs.5 crore.
Health & Education Cess4% of (Income Tax + Surcharge)
Rebate Under Section 87A
A rebate under section 87A of Rs.12500 is available if the total income does not exceed Rs.5,00,000/-. The amount of rebate shall be 100% of income-tax or Rs.12,500 whichever is less.
The rebate under section 87A will be available in both the schemes i.e. existing scheme as well as new scheme.

Resident Individual Persons (Age Between 60 to 80 Years)

Income Tax Slab for A.Y. 2021-22 F.Y.2020-21 (Senior Citizen) (Old Tax Regime)

Income Income Tax Slab AY 2021-22
Income up to ₹ 3,00,000/-Nil
Income From ₹ 3,00,001/- to ₹ 5,00,000/-5% of (income – ₹  3,00,000)
Income from ₹5,00,001/- to ₹10,00,000/-₹ 10,000 + 20% of (your income – ₹ 5,00,000)
Income above ₹10,00,000
₹ 1,10,000/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over Rs.50 lacs but less than Rs.1 crore.
@15% when total taxable income is over Rs.1 crore.
@25% when total taxable income is over Rs.2 crore.
@37% when total taxable income is over Rs.5 crore.
Health & Education Cess4% of (Income Tax + Surcharge)
Rebate Under Section 87A
A rebate under section 87A of Rs.12500 is available if the total income does not exceed Rs.5,00,000/-. The amount of rebate shall be 100% of income-tax or Rs.12,500 whichever is less.
The rebate under section 87A will be available in both the schemes i.e. existing scheme as well as new scheme.

Resident Individual Persons (Age 80 Years or More)

Income Tax Slab for A.Y. 2021-22 F.Y.2020-21 (Very Senior Citizen) (Old Tax Regime)

Income Income Tax Slab AY 2021-22
Income up to ₹ 5,00,000/-Nil
Income From ₹ 5,00,001/- to ₹ 10,00,000/-20% of (income – ₹  5,00,000)
Income above ₹10,00,000
₹ 1,00,000/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over Rs.50 lacs but less than Rs.1 crore.
@15% when total taxable income is over Rs.1 crore.
@25% when total taxable income is over Rs.2 crore.
@37% when total taxable income is over Rs.5 crore.
Health & Education Cess4% of (Income Tax + Surcharge)
Rebate Under Section 87A
A rebate under section 87A of Rs.12500 is available if the total income does not exceed Rs.5,00,000/-. The amount of rebate shall be 100% of income-tax or Rs.12,500 whichever is less.
The rebate under section 87A will be available in both the schemes i.e. existing scheme as well as new scheme.

Income Tax Slab for (/HUF/AOP/BOI/AJP)

Income Tax Slab A.Y.2021-22 (NRI/HUF/AOP/BOI/AJP)

Income Income Tax Slab AY 2021-22
Income upto ₹ 2,50,000/-Nil
Income From ₹ 2,50,000/- to ₹ 5,00,000/-5% of (income – ₹ 2,50,000)
Income from ₹5,00,000/- to 10,00,000/-₹ 12,500/- + 20% of (your income – ₹ 5,00,000)
Income over ₹ 10,00,000/- ₹ 1,12,500/- + 30% of (your income – ₹ 10,00,000)
Surcharge (Marginal Relief Applicable)@ 10% when total taxable income is over Rs.50 lacs but less than Rs.1 crore.
@15% when total taxable income is over Rs.1 crore.
@25% when total taxable income is over Rs.2 crore.
@37% when total taxable income is over Rs.5 crore.
Note: Enhanced surcharged levied at the rates of 25%/37% shall not be levied in case of income assessable under sections 111A/112A or 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%.h
Health & Education Cess4% of (Income Tax + Surcharge)

Income Tax Slab for Companies

Domestic Companies

SectionsTax RateSurcharge
Section 115BA25%7%/12%
Section 115BAA22%10%
Section 115BAB15%10%
Second schedule to Finance Act 2020 (Where total turnover or grass receipts in the previous year 2017-18 does not exceed Rs. 400 crores)25%7%/12%*
Any other case30%7%/12%
SurchargeIn case assessee has opted for section 115BA/ 115BAA: 10% in any case

In any other case:

7% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crore

12% if income exceeds Rs. 10 crore.

Health & Education Cess4% of income tax plus surcharge.

Foreign Companies

IncomeIncome Tax Rates ay 2021-22
Any Income40%
Surcharge2% if income exceeds Rs. 1 crore but does not exceeds Rs. 10 crores. 5% if income exceeds Rs. 10 crores.
Health & Education Cess4% of income tax plus a surcharge.

Income Tax Slab for Partnership Firm

Income Tax Slab for Partnership Firm (F.Y. 2020-21 A.Y. 2021-22)

IncomeIncome Tax Rates ay 2021-22
Any Income (Including LLP)@30% of taxable income
Surcharge@12% of tax where income is over Rs. 1 Crore
Health & Education Cess@4% of (Income Tax + Surcharge)

Income Tax Slab for Local Authority

IncomeIncome Tax Rates ay 2021-22
Any Income of a Local Authority@30% of taxable income
Surcharge@12% of tax where income is over Rs. 1 Crore
Health & Education Cess@4% of (Income Tax + Surcharge)

Income Tax Slab for C0-Operative Society

Income Range
Income Tax Rates ay 2021-22
Up to Rs.10,000@10%
Rs.10,000 to Rs.20,000@20%
Above Rs.20,000@30%
Surcharge@12% of tax where income is over Rs. 1 Crore
Health & Education Cess@4% of (Income Tax + Surcharge)
Under New Tax Regime (under section 115BAD)
At Flat Rate@22%
Surcharge10% in any case
Health and Education Cess4% of income tax and surcharge

Deduction You Can Not Claim under New Income Tax Slab Regime

Here’s a list of the main exemptions an deductions that taxpayers will have to forgo if they opt for the new income tax slab regime.

(i) Leave travel allowance exemption

(ii) House rent allowance normally paid to salaried individuals as part of salary

(iii) Standard deduction of Rs 50,000 currently available to salaried tax payers

(iv) Deduction available under section 80TTA/80TTB will not be available to the taxpayers. Abhishek Soni, CEO & founder, Tax2win.in says, “As Section – 80TTA and 80TTB are covered under chapter-VIA and the new tax regime excludes deductions under chapter-VIA subject to certain exceptions.Thus, a person opting for the new tax regime shall not be entitled to claim deduction u/s 80TTA(Deduction in respect of Interest on deposits in savings account) and 80TTB(Deduction in respect of Interest on deposits to senior citizens).”

(v) Deduction for entertainment allowance

(vi) Tax benefit on interest paid on housing loan(vii) Deduction of Rs 15000 allowed from family pension under clause (iia) of section 57

(viii) The most commonly claimed deductions under section 80C will also go. This includes the commonly availed section 80C deductions claimed for provident fund contributions, life insurance premium, school tuition fee for children and various specified investments such as ELSS, NPS, PPF etc.

However, deduction under sub-section (2) of section 80CCD (employer contribution to account of the employee in a notified pension scheme—mostly NPS) and section 80JJAA (for new employment) can still be claimed

(ix) The deduction claimed for medical insurance premium under section 80D will also not be claimable

(x) Tax benefits for disability under sections 80DD and 80DDB will not be claimable

(xi) Tax break on interest paid on education loan will not be claimable-section 80E

(xii) Tax break on donations to charitable institutions available under section 80G will not be available

All deductions under chapter VIA (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc) will not be claimable by those opting for the new tax regime.

The above is part a total of 70 deductions and tax exemptions that will not be available in the proposed new tax regime.

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