INCOME TAX SOFTWARE
INCOME TAX SOFTWARE
Income Tax Slabs for the Individual (Below 60 Years Age) for the Assessment Year 2020-21
S. No.
|
Income Tax Slab
|
Income Tax Rate Payable
|
1. | Rs. 0 to 250,000 | No Income Tax |
2. | Rs. 250,001 to 500,000 | 5% |
3. | Rs. 500,001 to 1,000,000 | 20% |
4. | Rs. 1,000,001 and above | 30% |
Income Tax Slabs for the Senior Citizen (60 to 80 Years Age) for the Assessment Year 2020-21
S. No.
|
Income Tax Slab
|
Income Tax Rate Payable
|
1. | Rs. 0 to 300,000 | No Income Tax |
2. | Rs. 300,001 to 500,000 | 5% |
3. | Rs. 500,001 to 1,000,000 | 20% |
4. | Rs. 1,000,001 and above | 30% |
80C & 80CCE- Maximum Exemption up to Rs.150000
Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee Contribution in NPS,Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items, (for example) all 1 lac can be invested in NSC or PPF etc.
- Provident Fund (PF) & Voluntary Provident Fund (VPF)
- Postal Life Insurance ( PLI )
- APGLI / TGLI
- Life Insurance Premiums
- Unit linked Insurance Plan
- Public Provident Fund (PPF)
- National Savings Certificate (NSC)
- Home Loan Principal Repayment & Stamp Duty and Registration
- Tuition fees for Two children
- Equity Linked Savings Scheme (ELSS)
- 5-Yr bank fixed deposits (FDs)
- Pension Funds or Pension Policies – Section 80CCC
- Infrastructure Bonds
- NABARD rural bonds
- Senior Citizen Savings Scheme 2004 (SCSS )
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