Income Tax Slabs for Individuals below 60 years of age in FY 2020-21 (AY 2021-22) & Bank FD , TDS

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)

Top Key terms in share market :

#Top Key terms in share market : Top Key Terminologies in Share Market #Top Key terms in share market : Intraday: When you do buy and sell the share on the same day, then it is called intraday trading. Here the shares are not purchased for investing, however market movements are chased to achieve maximum profit. Delivery: When you buy a share and hold it for more than one day, then it is called delivery. It can be sold just tomorrow, after 1 week, 6 months or 5 years. If you hold the stock for more than one day, and sell later then it is called delivery. Bull market: Scenario of the market is described here. A bull market is when the share prices are rising and the public is positive about further growth of rise. Bear Market: When the share prices are falling and the public is disappointing about the stock market, then it's a bear market. In this situation, The public is fe...

Share Market & Tax

Share Market , Tax & Tax Exemption Hello, I am sure you are much more excited to know more about investment and share market. You must have gone through the first and the very much important article named as Top Key Terms in the Share Market . If not make sure to get through with it. These are the common terms used for each and every small description about investment in the share market. Certainly we can come up with investment plan and manage personalized risk factor as well you know more about it stay with us subscribers and keep reading for upcoming articles. We are going to discuss one of the marvelous benefits of investing in share market which is not volatile but it is guaranteed! And guess what? It is saving your tax! Are you surprised? Then keep your fingers crossed! We are going to learn about saving income tax by investing in share market in this article. Let's have a look at few fundamental things to know more about saving income t...

Bank FD, Share Dividend, Mutual Fund Dividend Taxes for Fy2020-2021 (1 April 2020- 31 March 2021)

Ways to Reduce or Save Tax on Fixed Deposits If your total income for the year is below Rs 2.5 lakh, you can submit or use form 15G / 15H . This will ensure that the bank does not deduct TDS since income does not fall in the taxable slabs and you are not liable to pay any taxes. 15 G : For below 60yrs 15 H : For senior citizen , above 60 yrs What is Form 15G and 15H? Form 15 G When a depositor’s annual income is less than Rs.2.5 lakh (or Rs.3 lakh for senior citizens) and tax due is nil, then the depositor must file Form 15G or Form 15H with the bank requesting the bank to not deduct TDS on interest income from FDs exceeding Rs.40,000 or, in the case of senior citizens, Rs.50,000. Form 15H Form 15H is similar to Form 15G, except that Form 15H is exclusively for senior citizens who are 60 years and above in age. Conditions For Form 15H The depositor should be 60 or above of age Annual income should be less than Rs.3 lakh in case of senior citizens and Rs...

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