Income tax calculator for FY2021-22
The Union Budget 2021 has not provided any income tax relief to tax payers. The finance minister Nirmala Sitharaman made no changes in income tax slabs or rates have been proposed. Nor did she give any additional tax exemptions or deductions. With no change in the basic exemption limit, income tax slabs and tax rates, an individual tax payer will continue to pay the tax at the same rates applicable in FY 2020-21.
Effective from April 1, 2020, a salaried individual has to choose between the new and old income tax regimes. Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it.
This new tax system has been made optional and continues to co-exist with the old/existing one.
Income tax rates and slabs under new tax regime for FY 2021-22
Under the old tax regime, the basic tax exemption limit for an individual depends on their age and residential status.
This is the latest income tax slabs for FY 2021-22 under old tax regime:
Income tax slabs for resident individuals below 60 years of age for 2020-21
Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21
Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21
Effective from April 1, 2020, a salaried individual has to choose between the new and old income tax regimes. Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it.
This new tax system has been made optional and continues to co-exist with the old/existing one.
Income tax rates and slabs under new tax regime for FY 2021-22
Under the old tax regime, the basic tax exemption limit for an individual depends on their age and residential status.
This is the latest income tax slabs for FY 2021-22 under old tax regime:
Income tax slabs for resident individuals below 60 years of age for 2020-21
Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21
Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21
