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 | Tax Rate 20-21 |
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 |