Quick Answer: What Is Income Tax Slab For AY 2020 21?

How do you calculate income tax for the financial year 2020 21?

At this point, the income which is still chargeable to tax is Rs 7,90,000.

From point 4, Rs 2.5 lakh (Rs 10 lakh minus Rs 7.5 lakh) will be taxed at 15 per cent and the tax liability is Rs 37,500….S.

No.Income slabsIncome tax rate (%)6Between Rs 12,50,001and Rs 15 lakh25%7Above Rs 15 lakh30%5 more rows•4 days ago.

When should ITR 2020 be filled?

The government in a press conference dated May 13, 2020 announced that the income tax return (ITR) filing deadline for all the entities for the financial year 2019-20 has been extended to November 30, 2020 from the usual deadline of July 31, 2020.

How is income tax slab calculated?

Tax is calculated on all types of income….How to Calculate Income Tax as Per IT Slab.RangeTax RatesTax AmountFrom Rs 2,50,000 to Rs 5,00,0005%12,500 (5% of (Rs 5,00,000-Rs 2,50,000))From Rs 5,00,000 to Rs 10,00,00020%42,560 (20% of(Rs7,12,000- Rs 5,00,000))More than Rs 10,00,00030%NilCess4%2202.4 (4% of(( Rs 12,500+Rs 42,560))2 more rows

How can I save tax on FY 2020 21?

Tips for Saving Tax in FY 2020-21Invest in Equity-Linked Saving Scheme (ELSS)Invest in the National Pension Scheme.Invest in Sukanya Samriddhi Yojna.Know When to Opt for the New Tax Regime.

Can I file ITR for AY 2020/21 now?

All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing. ITR 1, 2, 3, 4, 5 & 7 for AY 2020-21 is now available for e-Filing. ITR 6 will be available shortly.

Which income tax slab is best?

Income-tax rates under the new tax regime v/s the old tax regimeIncome slabs (Rs)Tax Rate(Old Regime)Tax Rate(New Regime – devoid of exemptions & deductions)2.5-5 lakh5%5%5-7.5 lakh20%10%7.5-10 lakh20%15%10-12.5 lakh30%20%3 more rows•Feb 7, 2020

Which ITR form for NRI for AY 2020 21?

Eligible Taxpayers for Filing ITR 2 Online AY 2020-21 The taxpayers who are eligible for filing ITR-2 form are the persons whose source of income is as mentioned below: A resident having any asset located outside India or signing authority in any account. A non-resident or not-ordinary resident.

What is 87a in income tax?

Rebate under Section 87A provides for a lower tax payment from individuals earning below a specified limit. According to the Income Tax Department, “An individual who is resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under section 87A.

What ITR form should I use?

Individuals can use ITR-1, ITR-2, ITR-3 and ITR-4. ITR-1 is the most basic form to file your returns. It is meant for individuals who have income from salary, income from one house and income from other sources such as lottery and horse race. Also remember that the income should not exceed ₹50 lakh.

Who can file ITR 4?

What is the ITR-4 Form? The ITR-4 Form is applicable for individuals or HUFs who have income from proprietary business or are carrying on a profession. If the requirements of audit are applicable, the due date of filing of return is 30th September.

Which income tax slab is better Old or new?

Enter new tax regime – More slabs, lower tax rate but no way to reduce taxesTax Slab(₹)Old Tax RatesNew Tax Rates7,50,000 – 10,00,00020%15%10,00,000 – 12,50,00030%20%12,50,000 – 15,00,00030%25%15,00,000 & above30%30%3 more rows•Mar 12, 2020

What is the new tax slab for 2020?

Income Tax Slabs for Individuals below 60 years of age in FY 2020-21 (AY 2021-22)Income Tax SlabTax Applicable as per New RegimeRs.2,50,001 – Rs. 5,00,0005.00%Rs.5,00,001 – Rs. 7,50,000Rs.12500 + 10% of total income exceeding Rs.5,00,000Rs.7,50,001 – Rs. 10,00,000Rs.37500 + 15% of total income exceeding Rs.7,50,0004 more rows

Is 80c applicable in new tax slab?

Under the new tax regime, an individual cannot avail tax benefit under section 80C on the contribution made to his/her PPF account. However, any interest accrued or maturity amount received from the PPF account continues to be tax-exempt in the new tax structure as well.

What is the last date for filing ITR for AY 2020 21?

December 31, 2020Yesterday, the Finance Ministry notified that the income tax department has again postponed the ITR filing due dates for AY 2020-21 (FY 2019-20) from November 30 to December 31, 2020, for tax individual’s taxpayers.

What is difference between FY and ay?

For the purpose of income tax, financial year (FY) is the period between April 1 and March 31 when you earn your salaries and income. The FY is followed by the assessment year (AY) when the income earned is assessed and taxed.

Is TDS return date extended?

As per chartered accountants, the deadline for issuing Form 16 (TDS certificate for salary) to employees for FY2019-20 has been extended to June 30, 2020. The government, on May 13 announced the extension of income tax return (ITR) filing deadline for FY 2019-20 to November 30, 2020 from July 31, 2020.

Which ITR form is for NRI?

A non-resident or a person not ordinarily resident in India, earning income in the form of salary and interest, is required to furnish return of income in ITR-2 form. ITR-1 form can only be used by an individual who is resident in India. Therefore, you have to furnish ITR-2 form this year also.

What is the rebate for AY 2020 21?

From the AY 2020-21 rebate u/s 87A (only for Individual) is available only if the Net Total Income < Rs. 5,00,000/-. The quantum of maximum rebate will be Rs. 12500/-....Income tax slabs.Taxable incomeTax RateRs. 2,50,000 to Rs. 5,00,0005%Rs. 5,00,000 to Rs. 10,00,00020%Above Rs. 10,00,00030%1 more row•Aug 10, 2020

What is itr1 itr2 itr3 and ITR 4?

An Individual/HUF, having income as a partner of a partnership firm that is carrying out business/profession, does not need to file ITR-3. ITR 4 Sugam Form is for the taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.