New income tax slab for ay 15 16 pdf

The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. Before jumping into latest income tax slab rates fy 202021 ay 202122, first understand the difference between gross income and total income. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. Task force recommends new income tax slabs for individuals.

Budget 2020 has announced a new tax regime giving taxpayers an option to pay taxes as per the new tax slabs from fy 202021 onwards. The report suggests new income tax slabs for individuals and some changes in taxations for businesses. Income tax slabs for fy 202021 ay 202122 in india, income tax is levied directly on individual taxpayers. Download pdf files for form 15g, form 15h, form 60, form 61. Budget 2019 no tax upto rs 5 lakh income new tax slabs. Here is a primer on income tax slab rates for ay 201617. However, it is proposed to reduce the basic tax rate in the case of companies from 30% to 25% over the next four years, starting from next. Nonresident individualhuf net income range income tax rates health and education cess up to rs. Now my total income is rs 591684 including the arrears. In india, we have a progressive method of taxation, this means the more your income is the more tax you will. The finance act, 2020 will bring a new income tax slab rates for individual and hindu undivided family huf. Feb 01, 2020 budget 2020 new income tax rates new income tax slabs in this video, we are going to discuss new tax rates proposed by the budget 2020. Net tax payable including education cess is rs 5,150.

Oct 14, 2019 government of india has increased the basic personal income tax exemption limit from rs. Income tax slab rates from ay 199293 to ay 2015 16. Apr 18, 2020 a comparative analysis of income tax calculation for fy 202021 ay 202122 under the existing tax slab and the new income tax slabs introduced in budget 2020 can be understood by comparing taxable income under both scenarios. A new section 80c was introduced replacing section 88 from the financial year 2005 06. As there was no change in income tax slabs for fy 201516 i. For more information check out how to calculate taxable income on salary. Apr 20, 2020 due to the hike in cess, the tax liability for the highest slab assuming an income of rs 15 lakh has increased by rs 2,625. Mar 19, 2019 download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 2015 16 or income tax slab rates for ay 201617.

In order to provide significant relief to the individual taxpayers and to simplify the income tax law, the union budget proposes to bring a new and simplified personal income tax regime wherein income tax rates will be. Jan 09, 2017 have a look at the past 25 years income tax slab rates for individuals in india. Gross salary calculator for new employees of central government services. The finance minister has introduced many changes in the income tax slab rate for financial year 20192020 ay 20202021. Union budget 2014 has amended the basic income tax slabs for financial year 2014 15, however there is no change in the income tax rates, surcharge and cess. Individual resident or nonresident, who is of the age of less than 60 years on the last day of the relevant previous year.

Government of india income tax slab rates for ay 20142015. Articles explains rates of incometax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 2015 16 i. Fy is financial year and ay is assessment year individual resident aged below 60 years. Budget 2020 new income tax rates new income tax slabs. It is deductible from income tax before calculating education cess. Some of the highlights of income tax slab rates for fy 201920 assessment year 202021 income tax slab rates help you decide whether your income is taxable or not. Below are the latest income tax slab rates for fy 201920 or ay 202021. Ca sandeep kanoi income tax rate chart income tax slabs as applicable for. Income tax slab rates for last 25 years in india 199293 to. Surcharge and education cess see note income tax slab rates 201819 pdf download.

Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 201718. As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7. You can complete filing your income tax return in just 15 minutes using the website or the mobile app. The amount of rebate is 100 per cent of income tax or rs. Many of us have the confusion of understanding what is gross income and what is total income or taxable income. In the middle income tax slab, the tax outgo increases by rs 1,125, and there is a nominal increase in the tax liability of rs 125 for lowest income tax slab. Here you can download the latest auto income tax calculator for fy 201920 ay 202021 or simply form 16 in excel format for ay 202021. But the tax slabs have not been changed for the last few years. Income tax ratesslab for assessment year 201718 previous year 201617 income tax rates for financial year 201415 and 20152016 are same, there is.

Incometax slab rates for individual for fy 201516 ay. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. Union budget 2020 has proposed a new tax structure by slashing income tax rates and rejigging the income tax slabs to reduce total tax liability by individuals. Have a look at revised income tax slabs and know how much will you save in.

New optional basic income tax exemption slab and reduced tax rates announced in budget 202021 for ay 202122 fy 202021. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as follows. Download income tax calculator in excel for salary 2. My question is that this arrear should not be added in previous year. Latest income tax slab rates fy 201920 ay 202021 budget. Budget 2020 new income tax rates new income tax slabs in this video, we are going to discuss new tax rates proposed by the budget 2020. Ay is assessment year latest income tax rates for fy 2015 16.

Jul 11, 2014 rs,my taxable income for fy 201415 was rs 3894. There are lot of changes in tax rates and cess in the last 25 years. Income tax slab rates for individual for fy 2015 16 ay 201617 tax expert. Subramanian, chief economic advisor, and a member of the central board of direct taxes, akhilesh ranjan, has tabled a report on 19 august 2019. Income tax slabs for individuals are divided into 3 slabs. These deducted tds details are acknowledged in form 16 tds certificate. New income tax slabs for ay 1415 for resident senior citizens above 60 years. Income tax slab for ay 202021 pdf download central. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415. The basic exemption limit has been increased from rs 2 lakh to rs. The amount of income tax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. Ay 2015 16 as proposed by budget 201415 finance bill 201415 income tax slabtax rates for individual, hindu undivided family, association of persons, body of individuals, artificial juridical person.

New optional basic income tax exemption slabtax rates budget. Income tax calculator for fy 201415 ay 2015 16 351. Tax slab for financial year 201415 assessment year 1516. This new income tax rates will be effective from financial year fy 202021 relevant to the assessment year ay 202122. Income tax slabs and rates applicable for the fy 201920 and ay 20202021. We provide you the latest income tax rates in india for everyone and tax benefits for the current. My next question is that how should be calculated the income tax for current year. Apr 14, 2020 new income tax slab 201920budget 2019 find latest income tax slab rates in india for individuals, nri, huf, boi, aop, llp, local authority, cooperative society and company. Latest income tax slabs and rates for fy 201516 and ay 201617. The new income tax rates or income tax slabs are effective from april 01, 20. Have a look at revised income tax slabs and know how much will you save in new tax regime. The indian finance minister has tabled today, the union general budget 201920 in the parliament. Income tax slabs and rates for fy 202021 bankbazaar.

We will update the new income tax slab rates for the assessment year 201819 and the financial year 201718 with the example in pdf format. The finance minister introduced new tax regime in union budget, 2020 wherein there is an option for individuals and huf hindu undivided family to pay taxes at lower rates without claiming deductions under various sections. Revised income tax slab for ay 202021 under the proposed it slab, annual income upto rs 2. Senior citizen individual resident who is of the age of 60 years or more but below. Income tax slab rate for ay 202122 for individuals opting for old tax regime. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Form 16 in excel format for ay 202021 free download. As per new tax payers regime a taxpayer can now choose to opt for the new tax slab for fy 202021 ay 202122 or existing old tax slabs for fy 201920 ay 202021 1. Articles explains rates of income tax in respect of income liable to tax, minimum alternative tax rate, securities transaction tax stt, commodities transaction tax ctt and dividend distribution tax ddt rates for financial year 2015 16 i.

The following income tax slab rates are notified in new tax regime vs old tax regime. It is charged on the basis of a slab system prescribed by the government of india in the budget every financial year. Jul 14, 2014 new income tax slab rates for financial year 201415. Download income tax calculator for fy 201415 ay 201516. Income tax slab rates 201718 pdf download ay 201819. Feb 01, 2020 income tax budget 2020 proposes crucial changes in income tax rates 202021. Income tax slabs for fy 202021 ay 202122 moneymanch. Income tax slab rates for individual for fy 2014 15 ay 2015 16.

The above income tax rates are for general category men women who are below 60 years of age. Income tax slab rates 201819 pdf download ay 201920. Income tax rate chart income tax slabs as applicable for assessment year 2015 16 financial year 2014 15 for individual, huf, aop, boi, partnership firms, llp and companies. Feb 01, 2020 budget 2020 new income tax slab for f.