TAX RATES FOR F.Y. 2020-21 Income Tax Rate for Individuals & HUF : Individual (Resident or Resident but not Ordinarily Resident or non-resident), (who less than 60 years on the last day of the relevant previous year & for HUF : Taxable income Tax Rate (Existing Scheme) Tax Rate (New Scheme) Up to Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to Rs. 7,50,000 20% 10% Rs. 7,50,001 to Rs. 10,00,000 20% 15% Rs. 10,00,001 to Rs. 12,50,000 30% 20% Rs. 12,50,001 to Rs. 15,00,000 30% 25% Above Rs. 15,00,000 30% 30% Resident or Resident but not Ordinarily Resident senior citizen, i.e., every individual, being a resident or Resident but not Ordinarily Resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year: Taxable income Tax Rate (Existing Scheme) Tax Rate (New Scheme) Up to Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 3,00,000 Nil 5% Rs. 3,00,001 to Rs. 5,00,000 5% 5% Rs. 5,00,001 to R...
The new form is in line
with the budget 2020 announcement to facilitate compliance and correct
payment of taxes.
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