income tax slab for 2020-21

Budget 2020 brings new income tax slab for 2020-21

Are you anxious to know income tax slab for 2020-21? New income tax rate has been divided into six different income tax rate of Zero, 5%, 10% 15% 20% , 25%and 30% in India. 

Computation of income is essential for filing income tax return. Every year income tax rate changes and this year 2020 new income tax rate are here.       

income tax rate 2020-21

Income up to Rs 250,000 is exempt from tax for men and women.

Income ranging 2.5 Lakhs to 5 lakhs attract a fixed income tax of five percent.

Income ranging 5 Lakhs to 7.5 lakhs attract a income tax of Rs 11250 + ten percent of Gross income.

Income ranging 7.5 Lakhs to 10 lakhs attract a income tax of Rs 37500 + fifteen percent of Gross income.

Income ranging 10 Lakhs to 12.5 lakhs attract a income tax of Rs 75000 + twenty percent of Gross income.

Income ranging 12.5 Lakhs to 15 lakhs attract a income tax of Rs 125000+ twenty five percent of Gross income.

Income ranging above fifteen lakhs attract a income tax of Rs 187500+ thirty percent of Gross income.