○ 15% of Income Tax for income > ₹1 crore ○ 10% of Income Tax for income > ₹50 lakh Surcharge applicable as per tax rates are listed below across all categories mentioned above:.(This has increased from three per cent since FY 18-19) Additional health and education cess are applicable at the rate of 4% and will be added to income tax liability in all cases.The basic exemption limit for the NRIs is ₹2.5 lakh irrespective of their age.Individuals with a net taxable income of up to ₹5 lakh will be eligible for tax rebate u/s 87A which means their tax liability will be nil in both the new and old tax regimes.Therefore, no increase of the basic exemption limit will benefit the senior and the super senior citizens in the new tax regime.
The tax rates in the new tax regime remain the same across all categories, i.e the Hindu Undivided Family and individuals up to 60 years of age, senior citizens above 60 years to 80 years of age, and super senior citizens above 80 years.(New Regime Applicable for HUF and all Individuals) Tax payers, however, still have the option of choosing their tax regimes - new or old - at the beginning of the financial year. The new tax regime is an effort to simplify the tax structure in the country by doing away with a slew of exemptions and maintaining a singular tax structure for people across age groups. Income tax slab rate for New Tax Regime FY 2020-21 Resident Individuals & HUF 60 to 80 years Explore Retirement - Annuity & Pension PlansĮxisting Regime Slab Rates for FY 19-20 and FY 20-21
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