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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 SlabTax Applicable as per New Regime
Rs.0 – Rs.2,50,000Nil
Rs.2,50,001 – Rs. 5,00,0005.00%
Rs.5,00,001 – Rs. 7,50,000Rs.12500 + 10% of total income exceeding Rs.5,00,000
Rs.7,50,001 – Rs. 10,00,000Rs.37500 + 15% of total income exceeding Rs.7,50,000
Rs.10,00,001 – Rs.12,50,000Rs.75000 + 20% of total income exceeding Rs.10,00,000
Rs.12,50,001 – Rs.15,00,000Rs.125000 + 25% of total income exceeding Rs.12,50,000
Above Rs. 15,00,000Rs.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)
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