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Income Tax, savings

Quick Info

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Avinash

on

December 9, 2020

Income tax as on Dec, 2020

Income Tax slab for resident Individual who is less than 60 years of age

Taxable Income Slab Income	Tax Rate & Cess
Up to Rs. 2.5 Lakh	NIL
Rs. 2,50,001 to Rs. 5,00,000	5% of (Total Income minus Rs. 2,50,000)
Rs. 5,00,001 to Rs. 10,00,000	Rs. 12,500 + 20% of (Total Income minus Rs. 5,00,000)
Rs. 10,00,001 and above	Rs. 1,12,500 + 30% of (Total Income minus Rs. 10,00,000)

Taxable Income Slab Income Tax Rate & Cess

Taxable Income Slab	Income Tax Rate & Cess
Up to Rs. 3 Lakh	Nil
Rs. 3,00,001 to Rs. 5,00,000	5% of (Total Income minus Rs. 3,00,000)
Rs. 5,00,001 to Rs. 10,00,000	Rs. 10,000 + 20% of (Total Income minus Rs. 5,00,000)
Rs. 10,00,001 and above	Rs. 10,000 + 20% of (Total Income minus Rs. 5,00,000)
Rs. 10,00,001 and above	Rs. 1,10,000 + 30% of (Total Income minus Rs. 10,00,000)

Income Tax slab for resident Individual who is equal to or greater than 60 and less than
80 years of age (Senior Citizen)

.

Taxable Income Slab	Income Tax Rate & Cess
Up to Rs. 5 Lakh	Nil
Rs. 5,00,001 to Rs. 10,00,000	20% of (Total Income minus Rs. 5,00,000)
Rs. 10,00,001 and above	Rs. 1,00,000 + 30% of (Total Income minus Rs. 10,00,000)

Income Tax slab for resident Individual who is equal to or greater than 80 years of age
(Super Senior Citizen)

.

Taxable Income Range	Surcharge %	Marginal Rates
50 Lakhs to 1 Crore	10%	34.32
1 Crore to 2 Crores	15%	35.88
2 Crores to 5 Crores	25%	39
5 Crores and above	37%	42.74

Surcharge

One response to “Quick Info”

Avoid Income Tax – Investing 101

December 28, 2020

[…] look at them in detail in our next post ! 🙂 . Also read more on the latest tax slabs ( 2020 […]

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