What is new tax slab after Budget 2020?
What is new tax slab after Budget 2020?
Income tax slab rate FY 2020-21 (AY 2021-22) – Applicable for New Tax regime
| Income Tax Slab | New Regime Income Tax Slab Rates FY 2020-21 (Applicable for All Individuals & HUF) |
|---|---|
| Rs 7.5 lakhs – Rs 10.00 Lakhs | 15\% |
| Rs 10.00 lakhs – Rs. 12.50 Lakhs | 20\% |
| Rs. 12.5 lakhs- Rs. 15.00 Lakhs | 25\% |
| > Rs. 15 Lakhs | 30\% |
What is FY 2019/20 tax slab?
INCOME SLAB AND TAX RATES FOR F.Y. 2019-20/A.Y. 2020-21
| Taxable income | Tax Rate |
|---|---|
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5\% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20\% |
| Above Rs. 10,00,000 | 30\% |
What is the exemption limit for income tax 2019 20?
Therefore, under the new tax regime, basic exemption limit will remain Rs 2.5 lakh for all taxpayers.” Do keep in mind that only individuals having no business income in a financial year are eligible to choose between both the tax regimes every year.
Is there any standard deduction for FY 2019 20?
The standard deduction for salaried taxpayers has been raised from Rs. 40,000 to Rs. 50,000 from the FY 2019 – 20 onwards.
What is the tax schedule for 2020?
2020 Tax Rate Schedule 2020 Tax Rate Schedule
| Taxable Income1 | Federal Tax Rates | |
|---|---|---|
| Married Filing Separately | Head of Household | Federal Income |
| $0 – $9,875 | $0 – $14,100 | 10\% |
| $9,876 – $40,000 | $14,101 – $53,600 | 12\% |
| $40,001 – $40,125 | $53,601 – $53,700 | 12\% |
What is the current tax slabs in India?
Income Tax Slabs & Rates 2020-2021
| Income Tax Slab | Tax rates as per new regime |
|---|---|
| ₹0 – ₹2,50,000 | Nil |
| ₹2,50,001 – ₹ 5,00,000 | 5\% |
| ₹5,00,001 – ₹ 7,50,000 | ₹12500 + 10\% of total income exceeding ₹5,00,000 |
| ₹7,50,001 – ₹ 10,00,000 | ₹37500 + 15\% of total income exceeding ₹7,50,000 |
What is the standard deduction for 2020?
2020 standard deduction amounts
| Filing status | 2020 standard deduction amount |
|---|---|
| Head of household | $18,650 |
| Married filing jointly | $24,800 |
| Qualifying widow or widower | $24,800 |
| Married filing separately | $12,400 |