Income Tax Slabs 2020-21 - Revised Income Tax Slabs & Tax Rates in India FY 2020-21

(Check Income Tax Slab for previous years : FY 2020-21 (AY 2021-22), FY 2019-20 (AY 2020-21), FY 2018-19 (AY 2019-20) and last 10 years

Find updated latest income tax slab rates in India for Individuals, Company, NRI, HUF, BOI, AOP, LLP, Local Authority, Co-operative society.

What is the meaning of Income Tax Slab in India?

In India, we have a progressive method of taxation i.e. higher income higher the tax payable. To govern the same taxation in India is determined based on Income Tax slab which are defined by the tax departmentEarlier the applicability of Income Tax Slab depends on various factors such as - residential status, quantum of income, type of assessee and age.

What is the new regime of income tax?

In Budget 2020 the tax department has introduced the concept of new tax regime by way of insertion of new section 115BAC. From FY 2020-21(AY 2021-22) onwards the individual and HUF will have an option to choose between the new and old tax regime. Both regimes have separate tax slabs and rates along with separate deductions/exemptions. For the understanding of users, we have given a comparative chart of the income tax slab under the new and old regime on this page.