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IT Rates: Income Tax Slab, Tax Rates and Income Tax Rules 2020-21

November 19, 2019 Leave a Comment

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

Related posts:

  1. IT(Income Tax) Slab Rates for Defence Personnel – FY 2017-18 (AY 2018-19)
  2. Budget 2018-19 : Finance Minister Jaitley may Hike Income Tax Exemption Limit from Rs 2.5L to Rs 3L or More
  3. No Proposal to Amend Income Tax Rates – Lok Sabha Q&A
  4. Highlights of Government Orders Income Tax Slabs & Tax Rates
  5. Income Tax: Due Date One Month Extension 31 August 2019
  6. Income Tax Slab for Individual Tax Payears & HUF (other than sr.citizens)
  7. Interim Budget 2019: Income upto Rs 5 Lakh to get Full Tax Rebate
  8. Income Tax Section 80CCD – Deduction in Respect of Contribution to Pension Scheme of Central Government
  9. Holidays List for Central Government Employees during 2020
  10. CBDT – Income Tax Returns Extended for 31st August, 2018

Filed Under: Income Tax Tagged With: Income Tax Slab 2020-21, Income Tax Slabs

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