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The rates of income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year. You can also check your tax liability and calculate the amount of income tax you have to pay by using the free online tax calculator available at the Income Tax Department website.
The Budget 2020 has given taxpayers the option to choose between:
- existing income tax regime with applicable income tax exemptions and deductions or
- a new tax regime with slashed income tax rates and new income tax slabs, but no tax exemptions and deductions.
Given below are the income tax rates for individuals:
Old/existing tax rates
| Net Income Range | Income Tax Rate for Assessment Year 2020-21 |
| Up to Rs. 2,50,000 | No tax |
| 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% |
New reduced tax rates(( The Finance Act, 2020 (Rates applicable from April 1, 2020))
| Net Income Range | Income Tax Rate (optional, applicable from April 1, 2020) |
| Up to Rs. 2,50,000 | No tax |
| Rs. 2,50,001 to Rs. 5,00,000 | 5% |
| Rs. 5,00,001 to Rs. 7,50,000 | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 20% |
| Rs. 12,50,001 to Rs 15,00,000 | 25% |
| Above Rs. 15,00,000 | 30% |
Income Tax for Senior Citizens
Senior Citizens are those who are above the age of 60 years or more during the previous year.
| Net Income Range | Rate (Assessment Year 2021-22) | Rate (Assessment Year 2020-21) |
| Up to Rs. 2,50,000 | No tax | No tax |
| Rs. 2,50,000 to Rs. 5,00,000 | 5% | 5% |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Income tax for Super Senior Citizens
Super senior citizens are those who are above the age of 80 during the previous year (year in which income is earned)
| Net Income Range | Rate (Assessment Year 2021-22) | Rate (Assessment Year 2020-21) |
| Up to Rs. 5,00,000 | No tax | No tax |
| Rs. 5,00,000 to Rs. 10,00,000 | 20% | 20% |
| Above Rs. 10,00,000 | 30% | 30% |
Read more on income tax rates for a partnership firm, Hindu Undivided Family, etc.
