New Income Tax slabs for 2020-2021

From 5 lakh to 8.5 lakh Income will have to pay 10 % Tax.
Besides, Income Tax of 10 lakh to 12.5 lakh has been reduced to 20 %
12.5 lakh to 15 lakh Income Tax has been reduced to 25 %.
There is 30 % earning more than 15 lakhs.

 New Income Tax slabs for 2020-21

Tax Exemption Conditions

However, there are several conditions for this Tax exemption. The Tax slabs of this new Tax will be applicable only when no one takes exemption. According to the announcement of the Finance Minister, Tax exemption can be taken in both new and old ways.

Calculation of difference between new and old Tax


 Income of Individual
 PRESENT
Tax as per old regime
NEW
Tax as per new regime Budget 2020
Rs. 5,00,000
 Rs. 00
 Rs. 00
 Rs. 6,00,000
 Rs. 00
  Rs.22,500
 Rs. 7,00,000
 Rs. 00
 Rs.32,500
 Rs. 7,50,000
 Rs.17,500
 Rs.37,500
Rs. 8,00,000
 Rs.27,500
 Rs.45,500
Rs. 9,00,000
  Rs.47,500
 Rs.60,000
Rs. 10,00,000
  Rs.67,500
Rs.75,000
Rs. 11,00,000
  Rs.87,500
 Rs.95,000
 Rs. 12,00,000
 Rs.1,07,500
Rs.1,15,000
Rs. 12,50,000
Rs.1,20,500
 Rs.1,25,000
Rs. 13,00,000
 Rs.1,35,500
Rs.1,37,500
 Rs. 14,00,000
 Rs.1,65,500
Rs.1,62,500
 Rs. 15,00,000
 Rs.1,95,500
Rs.1,87,500
 Rs. 20,00,000
Rs.3,45,500
 Rs.3,37,500




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Order under Section 119(2)(a) of the Income Tax Act, 1961

F No. 225/150/2020-ITA-II
New Delhi, the 30th September, 2020

The date for furnishing of Income tax returns (রিটার্ন) under section 139 of the Income tax Act, 1961 ('Act') for the Assessment Year 2019-2020 was 31st March, 2020. However, on consideration of difficulties being face by the taxpayers due to COVID-2019 pandemic, the said date was initially extended to 30th June, 2020 and subsequently to 31st July, 2020 and 30th September, 2020 vide the Taxation and other law (Relaxations of certain provisions), Ordinance dated 31.03.2020, Notification No. 35/2020 dated 24.06.2020 and Notification No. 56/2020 dated 29.07.2020 respectively.

2. In this context, on further consideration of genuine difficulties being faced by the taxpayers due to the outbreak of COVID-2019 pandemic, the central Board of Direct Taxes (CBDT), in exercise of powers conferred (প্রদত্ত) under section 119(2)(a) of the Act, hereby, further extends the date for furnishing of belated and revised returns for the Assessment Year 2019-2020 under sub-section (4) and (5) of section (ধারা) 139 of the Act respectively, from 30.09.2020 to 30.11.2020.

Sd/- Rajarajeswari R.
Under Secretary to the Government of India


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