ITR

ITR Filing for financial year 2020-21: Know your Income Tax slab, check detailed table here

The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. While the majority of the people might have already filed their Income Tax Return, it is possible that a lot of us are yet to file it. 

New Delhi: Filing Income Tax Return (ITR) is an annual ritual by individuals and other category of taxpayers. This year’s income tax return will be filed for the Assessment Year 2021-22 or FY 2020-21.

The ITR this year is applicable for income earned between April 1, 2020 and March 31, 2021. While the majority of the people might have already filed their Income Tax Return, it is possible that a lot of us are yet to file it. 

Here is all about the Tax Slabs for AY 2021-22 for filing income tax return for Salaried Individuals. The slab is for Individual (resident or non-resident) less than 60 years of age anytime during the previous year: 

Existing Tax RegimeNew Tax Regime u/s 115BAC
Income Tax SlabIncome Tax RateIncome Tax SlabIncome Tax Rate
Up to Rs 2,50,000NilUp to Rs 2,50,000Nil
Rs 2,50,001 – Rs 5,00,0005% above Rs 2,50,000Rs 2,50,001 – Rs 5,00,0005% above Rs 2,50,000
Rs 5,00,001 – Rs 10,00,000Rs 12,500 + 20% above Rs 5,00,000Rs 5,00,001 – Rs 7,50,000Rs 12,500 + 10% above Rs 5,00,000
Above Rs 10,00,000Rs 1,12,500 + 30% above Rs 10,00,000Rs 7,50,001 – Rs 10,00,000Rs 37,500 + 15% above Rs 7,50,000
  Rs 10,00,001 – Rs 12,50,000Rs 75,000 + 20% above Rs 10,00,000
  Rs 12,50,001 – Rs 15,00,000Rs 1,25,000 + 25% above Rs 12,50,000
  Above Rs 15,00,000Rs 1,87,500 + 30% above Rs 15,00,000

It is to be noted that individuals and HUFs can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act). The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain Exemptions and Deductions (like 80C, 80D,80TTB, HRA) available in the Existing Tax Regime. 

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