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What is the rate of tax for income tax slab between the income of  Rs. 5 Lakh to Rs. 7.5 Lakh for Assessment Year 2020-21?

What is the rate of tax for income tax slab between the income of  Rs. 5 Lakh to Rs. 7.5 Lakh for Assessment Year 2020-21? Correct Answer 10%

The Correct Answer is 10%

Key PointsAccording to the Income Tax Act of India, income tax is levied on all individuals, HUFs, partnership firms, LLPs, and corporations. If an individual's income exceeds the minimum threshold limit, they are subject to a slab system of taxation (known as the basic exemption limit).

  • Income Tax Slab: Individual taxpayers in India pay income tax according to a slab system. Different tax rates are prescribed for different ranges of income under a slab system. It means that if a taxpayer's income rises, his or her tax rate rises as well. This sort of taxation helps the government to have progressive and equitable tax systems.
  • The rates for Tax slabs are subject to change during every budget

Important Points

Income Tax Slab Assessment Year 2020-21

Income Tax Slab

New Regime Income Tax Slab Rates FY 2020-21
(Applicable for All Individuals & HUF)

Rs 0.0 – Rs 2.5 Lakhs

NIL

Rs 2.5 lakhs- Rs 3.00 Lakhs

5% (tax rebate u/s 87a is available)

Rs. 3.00 lakhs – Rs 5.00 Lakhs

Rs. 5.00 lakhs- Rs 7.5 Lakhs

10%

Rs 7.5 lakhs – Rs 10.00 Lakhs

15%

Rs 10.00 lakhs – Rs. 12.50 Lakhs

20%

Rs. 12.5 lakhs- Rs. 15.00 Lakhs

25%

> Rs. 15 Lakhs

30%

Related Questions

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