Individual Tax Rates For the Financial Year 2020-21
  • Individual earning upto Rs 5 lakh is Exemption.
  • Income between Rs 5 lakh to Rs 7.5 lakh, will have to pay 10%.
  • Income between 7.5 lakh to 10 lakh, will have to pay 15%
  • Income between 10 lakh to 12.5 lakh. will have to pay 20%.
  • Income between Rs 12.5 lakh to Rs 15 lakh will have to pay 25%.
  • Income above Rs 15 lakh will have to pay 30%.

Important Notes :

New slab rates is optional in the hands of tax payer.

No exemptions, deductions shall be allowed under new tax regime.

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