Income Tax Slab 2020-21

Income Tax Slabs and Tax Rate for Financial Year 2019-2020 (Assessment Year 2020-2021)

Income Tax Rate for Financial Year 2019-2020 for Salaried Employees and Officers Working under Government Services

Deduction as per r Income Tax
As per the Income Tax rules, no tax for the annual earning less than Rs. 2,50,000. All Central Government employees need to file Income Tax Return (ITR) on their income (as on date, the minimum salary of CG employees will be Rs. 23,553) for the Assessment Year 2020-2021.

Income Tax recoveries are to be regulated in respect of every Central Govt employee in the ensuing months by deduction through their pay bills for the month of November 2019 to February 2020.

Income Tax Slabs	IT Tax Rates
Income Up to Rs. 2,50,000	NIL
Rs. 2,50,001 to Rs. 5,00,000	5% of the amount by which the total income exceeds Rs. 2,50,000 further subject to rebate under section 87A where applicable.
Rs. 5,00,001 to Rs. 10,00,000	Rs. 12,500 plus 20% of the amount by which the total income exceeds Rs. 5,00,000.
Income above Rs. 10,00,000	Rs. 1,12,500 plus 30% of the amount by which the total income exceeds Rs. 10,00,000.

Surcharge: Nil up to the income of Rs. 50 lakhs (10% of IT in case of income above 50 lakhs and 15% of IT in case of income above 1 Crore)

Health and Education Cess: 4% of Income Tax

• Income Tax Slab 2020-21 November 19, 2019
• Income Tax: Due Date One Month Extension 31 August 2019 July 29, 2019
• Income Tax: Premature Retirement Under FR 56(J) – CBDT June 17, 2019
• Interim Budget 2019: Income upto Rs 5 Lakh to get Full Tax Rebate February 1, 2019
• IT – Pension Exempt from Income Tax November 26, 2018
• Income Tax Section 80CCD – Deduction in Respect of Contribution to Pension Scheme of Central Government July 31, 2018
• Deduction U/S 16 – Act from the Income from Salaries July 31, 2018
• CBDT – Income Tax Returns Extended for 31st August, 2018 July 27, 2018
• Central Board of Direct Taxes – No Extension for Filing Income Tax Date July 22, 2018
• Long Pending issues & Ongoing Agitation – Income Tax Employees and Officers’ Associations July 12, 2018
• IT: Filing of Income Tax Returns by Government Employees July 10, 2018
• CBDT Notifies Income Tax Return Forms for Assessment Year 2018-19 April 6, 2018
• Dress Code Prescribed for Income Tax Employees April 4, 2018
• CPAO Order – Deduction of Income Tax at the Time of Pension Payment March 13, 2018
• New Scheme for Assessment in Electronic Mode – Finance Minister February 2, 2018
• Exemption of Interest Income on Deposits Increased to Rs 50,000 to Senior Citizens February 2, 2018
• Rs. 40,000 Standard Tax Deduction On Transport, Medical Expenses February 2, 2018
• Revenue Notification : Amendments in the Tax Return Preparer Scheme January 26, 2018
• CPAO : Clarifications Regarding use of Form No. 16 for Pensioners Where Pensioners are Drawing their Pensions Through Banks January 23, 2018
• Income Tax : Comparison of Calculation with Examples (AY 2018-19, AY 2017-18, AY 2016-17 & AY 2015-16, AY 2014-15) January 14, 2018
• Form No. 16 for Pensioners : Issue Certificate of Tax Deducted in Form 16 to the Pensioners January 12, 2018
• Linking of Aadhaar with PAN Extends date till 31.3.18 January 11, 2018
• Budget 2018-19 : Finance Minister Jaitley may Hike Income Tax Exemption Limit from Rs 2.5L to Rs 3L or More January 11, 2018
• Tax on Deposits of Retired Persons January 6, 2018
• How to Claim Tax Benefit on Tuition Fees under Section 80C January 5, 2018
• Deduction 80C Section : Income Tax December 21, 2017
• The Union Finance Minister Arun Jaitley Holds his 6th Pre-Budget Consultation Meeting – IT December 12, 2017
• Link Aadhaar to LIC (Life Insurance Corporation)of India | Online December 10, 2017
• IT(Income Tax) Slab Rates for Defence Personnel – FY 2017-18 (AY 2018-19) December 10, 2017
• Income Tax Department Suspends an officer for Harassing the Taxpayer December 8, 2017
• 7th CPC : HRA Income Tax Exemption Calculator for Govt Employees November 24, 2017
• Tax Benefits While Availing Home Loans November 20, 2017
• No Tax Relief on EPF Interest if not Employed: ITAT November 19, 2017
• House Rent Allowance [Section 10(13A)] Calculation of the Income-tax Act November 17, 2017
• Latest Change of GST Tax Rate at 18% in 177 items November 14, 2017
• Income Tax Calculator 2017-18 (A.Year 2018-19) with Save Option | All Central Government Employees and Pensioner November 13, 2017