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Income tax is calculated based on 2 major factors: your taxable income and the tax slab applicable. However, since Union Budget 2019-20 another factor to consider is the tax … Budget 2021 India Highlights, FM Nirmala Sitharaman Speech, Income Tax Slabs, Union Budget 2021-22 Highlights: The Finance minister in her Budget 2021 speech announced a slew of taxation reforms along with an increased spending on healthcare with Rs 35,000 crore on Covid-19 vaccine development. Senior Citizens aged 75 years and above were however exempted from filing income tax if their only source of income was through pension. A comparative analysis of income tax calculation for FY 2020-21 (AY 2021-22) under the existing tax slab and the new income tax slabs introduced in Budget 2020 can be understood by comparing taxable income under both scenarios. 2. lakhs. New income tax regime vs old: Which is better for you? This field of the Income Tax calculator has been put in place because the income tax slabs for men and women in India are different. Income Tax Slab ( FY-2019-2020) VS Income Tax Slab ( FY-2020-2021) Annual Income (Rs.) The income tax rates and slabs given below will be applicable for individuals filing income tax returns for FY 2020-21 and planning for tax-saving for FY 2021-22. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the financial year 2016-2017. Nil. Old Tax Rate. We will be comparing the income tax rates and slabs under the new and old tax regimes for individuals, senior citizens, super senior citizens for FY 2020-21. Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2017-18 / Financial Year 2016-17 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies. Read our live blog for highlights on what Sitharaman announced today. Resident Individuals & Non-Resident Indians As per the Union Budget of 2018, below are the various slabs according to which income tax is assessed in various categories of income tax assessees. Nil. Income Tax Slabs remain Unchanged There was no change in income tax slabs for individuals as no announcement was made by the Finance Minister Nirmala Sitharaman during the Union Budget 2021. Income Tax Slabs for Assessment Year 2019-2020. Budget gives option of lower income tax rates, new tax slabs minus 70 exemptions; Tax on allotment of start-up ESOPs removed by Budget 2020; Timeline to avail loan for affordable housing extended till March 31, 2021 Up to Rs. New Tax Rate.

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