What is the tax slab for 2020-21?
What is the tax slab for 2020-21?
INCOME SLAB AND TAX RATES FOR F.Y. 2020-21/A.Y 2021-22
| Taxable income | Tax Rate (Existing Scheme) | Tax Rate (New Scheme) |
|---|---|---|
| Up to Rs. 2,50,000 | Nil | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 20% | 10% |
| Rs. 7,50,001 to Rs. /td> | 20% | 15% |
Which is best tax regime?
Taxpayers with annual income between RS.5 lakhs to Rs.10 lakhs are taxed at 20%, under the old regime….Old vs New: A Comparison For Different Slabs.
| OLD RATES (with exemptions) | ANNUAL INCOME | NEW RATE (without exemptions) |
|---|---|---|
| 20% | Rs. 7.5 – 10 lakh | 15% |
| 30% | Rs. 10-12.5 lakh | 20% |
| Rs. 12.5-15 lakh | 25% | |
| Rs. 15 and above | 30% |
What are the 70 exemptions removed?
What’s out: Here are a few of the 70 exemptions and deductions you won’t see in the new regime- Section 80C investments, house rent allowance, home loan interest, leave travel allowance, medical insurance premium, standard deduction, savings account interest, education loan interest.
Which income is not taxable in India?
Income Tax Slab for Financial Year 2019-20 The income tax slab under which an individual falls is determined based on the income earned by an individual. The individuals whose income is less than Rs. 2.5 lakh per annum are exempted from tax.
Which investment is tax free?
Listed below are tax free investments that meet a variety of needs and financial goals:
| Sr No. | Best Tax Free Investments | Tax Benefits |
|---|---|---|
| 1. | Life Insurance | Under Section 80C and Section 10(D) |
| 2. | PPF (Public Provident Fund) | Under Section 80C and Section 10(D) |
| 3. | NPS (New Pension Scheme) | Under Section 80CCD |
| 4. | Pension | Under Section 80CCC |
Who pays the highest tax in India?
actor Salman Khan
What salary is rich in India?
Notably, India’s richest 1% includes more than 13 million people and their annual pre-tax income amounts to USD 77,000 or an estimated Rs 55 lakh, according to a Bloomberg report, titled, This Is What It Takes to be in the 1% Around the World.
Which is highest tax paying country?
Sweden
Who is India’s highest tax payer 1992?
Harshad Mehta
What is the salary of Harshad Mehta?
The bank did not have the securities it had paid its broker Harshad Mehta for. Under pressure from SBI, Harshad paid up around Rs 620 crore between April 13 and April 24. But the RBI dug deeper, and found that Harshad had paid Rs 574 crore from his Grindlay’s Bank account.
