How is income tax 2020 2021 calculated?

Therefore, your net taxable income will be Rs 15, 40,000 (Rs 16 lakh minus Rs 60,000). The income tax liability in the new tax regime will be calculated on Rs 15.40 lakh.

S. No. Income slabs Income tax rate (%)
1 Up to Rs 2.5 lakh Nil
2 Between Rs 2,50,001 and Rs 5 lakh 5%
3 Between Rs 5,00,001 and Rs 7.5 lakh 10%

Apr 18, 2020

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