According to the current income tax slabs 2020-2021, the taxation of income of resident individuals below 60 years is as given:

Taxable income

Tax Rate 19-20
 (Existing Scheme)

Tax Rate 20-21
 (New Scheme)

Up to Rs. 2,50,000

Nil

Nil

Rs. 2,50,001 to Rs. 5,00,000

5%

5%

Rs. 5,00,001 to Rs. 7,50,000

20%

10%

Rs. 7,50,001 to Rs. 10,00,000

20%

15%

Rs. 10,00,001 to Rs. 12,50,000

30%

20%

Rs. 12,50,001 to Rs. 15,00,000

30%

25%

Above Rs. 15,00,000

30%

30%




Tax Rates for Senior Tax Payers between the age of 60 years to 80 years old

Income Tax Slab

Senior Citizens (between 60 years – 80 years)

Up to 3,00,000

Nil

 3,00,001 to 5,00,000

5% of income exceeding 3,00,000

 5,00,001 to 10,00,000

Tax Amount of 10,000 for the income up to 5,00,000

+ 20% of total income exceeding 5,00,000

Above 10,00,000

Tax Amount of 1,10,000for the income up to 10,00,000

+ 30% of total income exceeding 10,00,000