Income Tax Slabs for FY 2020 -21 & AY 2021-22

List of income tax slabs for salaried, Male, Women, Senior Citizens, Senior Citizens of above 80 years of age. Income Tax Slabs/Brackets Effective for AY 2021-22 are: INCOME TAX RATES are applicable for the Financial

Income tax deductions give nightmare to many, as you are not sure how much you need to pay this year as income tax. If you are working and earning a regular income you are supposed to pay income tax. So if you are planning to file your income tax for the FY 2019-20, first thing you should do is to calculate your taxable income first. If you find it tricky and not sure how much tax you might be paying on your income, you can take help of the below table to get the exact amount or percentage you are supposed to pay as income tax. If you are going to pay the income tax for the very first time you should know that if you fall under the income slab of Rs. 2.5 lakhs or below, you are not required to pay income tax, as there is no tax levied on this income slab. But if you have an annual income more than that you are supposed to pay the tax as per your income bracket.

Example:

If your income is below 5 lakh annual than you have to pay Zero as Income tax. Some condition apply for Senior Citizens but Income range is 5 lakh.
 
If Normal person have income of Rs.5 lakh so they have to pay Rs.23000 as Income tax (Rs.2000 rebate) on the basis of 10.00%. In same case senior citizens have to pay 18000 of income tax.
 
If your income is above Rs 6 lakh so you have to pay 10% on 2.5 lakh + 20% on 1 lakh (1 lakh above 5 lakh). So total Tax will be calculate as
 
25000 (Tax on 2.5 lakh) – Rs 2000 (rebate) + Rs.20000 (Tax on 1 lakh which is above 5 lakh income)
 
So total Income tax for 6 lakh salaried person are Rs.43000/-.