Income Tax Amendment For Assessment Year 2020-2021 : PART-4
Say No tax – If your Taxable Income is up to Rs 5 lakh.
Gross Annual Income = ₹ 6.5 lakh
Deduction U/s 80C = ₹ 1.5 lakh
Taxable Income – ₹ 5.0lakh
Income Tax Slab Rate for AY 2020-21 for Individuals:
Income tax slabs
| Taxable income | Tax Rate |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
From the AY 2020-21 this rebate is available only if the total annual taxable income is upto Rs. 500000 or less. The quantum of maximum rebate will be Rs.12500/-.
Tax on ₹ 5.0lakhÂ
upto ₹ 2.5lakh = Nil
upto ₹ 5.0lakh (5% on Rs. 250,000) = 12,500
Rebate – Rs. 12,500
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