Income Tax Slabs for Individual Tax Payers & HUF
| Income Tax Slabs | Existing Regime Slab Rates for FY 2019-20 and FY 2020-21 | New Regime Slab rates for FY 2020-21 | ||||||
| Tax rate | Tax Rate | |||||||
| Less than 60 years | 60-80 Years | Above 80 Years | Applicable for all Individuals and HUFs | |||||
| Up to Rs. 2,50,000 | NIL | NIL | NIL | NIL | ||||
| Rs. 2,50,000 to Rs. 3,00,000 | 5% | NIL | NIL | 5% | ||||
| Rs. 3,00,000 to Rs. 5,00,000 | 5% | 5% | NIL | 5% | ||||
| Rs. 5,00,000 to Rs. 7,50,000 | 20% | 20% | 20% | 10% | ||||
| Rs. 7,50,000 to Rs. 10,00,000 | 20% | 20% | 20% | 15% | ||||
| Rs. 10,00,000 to Rs. 12,50,000 | 30% | 30% | 30% | 20% | ||||
| Rs. 12,50,000 to Rs. 15,00,000 | 30% | 30% | 30% | 25% | ||||
| Rs. 15,00,000 and Above | 30% | 30% | 30% | 30% | ||||
| *An additional 4% Health & education cess will be applicable on the tax amount calculated as above. | ||||||||
| Surcharge For Old Regime | ||||||||
| *10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore. | ||||||||
| * 15% of income tax, where the total income exceeds Rs.1 crore. | ||||||||
| Surcharge ForNew Regime | ||||||||
| *10% of income tax, if total income | > Rs.50 lakh | |||||||
| * 15% of income tax, if the total income | > Rs.1 Crore | |||||||
| * 25% of income tax, if the total income | > Rs.2 Crore | |||||||
| * 37% of income tax, if the total income | > Rs.5 Crore | |||||||
*In this new regime taxpayer has an option to continue existing tax rate and to avail deductions or to select new regime and pay lower taxes and forgo the deductions.