Income Tax Slabs for FY 2020-21

• FY 2020-21 Income Tax Slabs for Resident below 60 years of Age
• FY 2020-21 Income Tax Slabs for resident b/w 60-80 years of age
• FY 2020-21 Income Tax Slabs for resident above 80 years of age
• FY 2020-21 Income Tax Surcharge slabs
  
  
• The above slabs are optional and shall be applicable if certain exemptions and deductions are foregone.
• Around 70 exemptions and deductions shall be removed including House Rent Allowance, Leave Travel Concession, certain exemptions under section 10(14) of the Income-Tax Act, 1961 (Act), standard deduction, professional tax and most of the deductions available under Chapter VI-A of the Act.
• An additional 4% Health & Education Cess will be applicable on the income tax.
• Full tax rebate of shall be allowed for individual taxpayers with annual income upto Rs. 5 Lakh. However, such individuals would still have to file their ITR and then claim exemption under Section 87A.

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