Income Tax Slabs for Individuals below 60 years of age in FY 2020-21 (AY 2021-22)
Begins with 1 April 2020 - to - 31 March 2021
| Income Tax Slab | Tax Applicable as per New Regime |
| Rs.0 – Rs.2,50,000 | Nil |
| Rs.2,50,001 – Rs. 5,00,000 | 5.00% |
| Rs.5,00,001 – Rs. 7,50,000 | Rs.12500 + 10% of total income exceeding Rs.5,00,000 |
| Rs.7,50,001 – Rs. 10,00,000 | Rs.37500 + 15% of total income exceeding Rs.7,50,000 |
| Rs.10,00,001 – Rs.12,50,000 | Rs.75000 + 20% of total income exceeding Rs.10,00,000 |
| Rs.12,50,001 – Rs.15,00,000 | Rs.125000 + 25% of total income exceeding Rs.12,50,000 |
| Above Rs. 15,00,000 | Rs.187500 + 30% of total income exceeding Rs.15,00,000 |
List Of Deductions no longer available
[Budget 2020] Tax Rates Lowered But HRA, 80C, and INR 50,000 Standard Deduction Gone.
- Leave Travel Allowance (LTA)
- House Rent Allowance
- Conveyance
- Daily expenses in the course of employment
- Relocation allowance
- Helper allowance
- Children education allowance
- Other special allowance [Section 10(14)]
- Standard deduction
- Professional tax
- Housing loan interest (Section 24)
- Deduction under Chapter VI-A (80C, 80D, 80E, and so on) (Except section 80CCD(2) – NPS contribution by the employer and 80JJA)