Income Tax Slab for FY 2020-21 & AY 2021-22

Latest Income tax slab and Deductions for Male/ Female Senior Citizen FY

FInancial year starts from april 1st and ends on march 31st year.

assessment year mens 1+ to financial year. (April 2021 – march 2022 means financial year is 2021 & assessment year is 2022)

if financial year 2020-21 , then AY or assesment year 2021-22 (assessment only possible once the financial year completed)

For Men/Women below 60 years of age		For Senior Citizens (Age 60 years or more but less than 80 years)		For Senior Citizens (Age 80 years or more)
Income Level	Tax Rate	Income Level	Tax Rate	Income Level	Tax Rate
Rs. 2,50,000	Nil	Upto Rs. 3,00,000	Nil	Upto Rs. 5,00,000	Nil
Rs. 2,50,001 – Rs. 500,000	10%	Rs. 3,00,001 – Rs. 500,000	10%	Rs. 5,00,001 – Rs. 10,00,000	20%
Rs. 500,001 – Rs. 10,00,000	20%	Rs. 500,001 – Rs. 10,00,000	20%	Above Rs. 10,00,000	30%
Above Rs. 10,00,000	30%	Above Rs. 10,00,000	30%

1. who exceeds the FY income under the slab rates can fill the return.

2. last date for filing of income tax return is usually July 31 of the Financial year.for individuals (sometimes it extends).

3. The penalty for non-filing of income tax return Rs.5,000/-

Example: calculating Taxes and for financial year:

IT Sections:

80D Deductions for health schemes up to 15k, 20K for senior citizen

Transport Allowance 800 per month

80DB: Deduction Senior citizen Diseases 60K,

80DD: maintenance for disability person up to 50K. Severe 1Lakh,

80CCC: PF Contribution to LIC IRDA or other Insurer. 100K,

800CCD: Contribution by the employee to the National pension scheme, 100k.

Tax Exemptions for Children Studies and Insurance Plans.

Income tax for firms, companies, local authorities, 30% up to 1 crore, 33%1 crore above see full info somewhere else.

Income Tax Section	Gross Annual Salary	How Much Tax Can You Save?
Sec. 80C	Across all income slabs	Upto Rs. 46,350/-saved on investment of Rs. 1,50,000/-
Sec. 80CCC	Across all income slabs	Upto Rs.30,900/-saved on Investment of Rs.1,50,000/-
Sec. 80 D*	Across all income slabs	Upto Rs. 10,815/-saved on investment of Rs.35,000/- (Inclusive of Rs. 20,000/- towards health insurance of parents who are senior citizens)
Total Savings Possible **	Rs. 57,165/- Rs. 46,350/- under Sec. 80C and Sec. 80CCC and Rs. 10,815/- under Sec. 80D Above figures calculated for an individual with gross annual income exceeding Rs. 10,00,000/-
Sec. 10 (10)D	Under Sec. 10(10D), the benefits received by you are completely tax-free, subject to conditions specified there in
Applicable to premiums paid for all Health Insurance Plans, Critical Illness Benefit, Accelerated Sum Assured and Waiver of Premium Benefit. ** These calculations are illustrative and based on our understanding of current tax legislations. The above-mentioned tax benefits are subject to changes in the tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities