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INCOME TAX SOFTWARE

 INCOMETAX 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.

  1. Provident Fund (PF) & Voluntary Provident Fund (VPF)
  2. Postal Life Insurance ( PLI )
  3. APGLI / TGLI
  4. Life Insurance Premiums
  5. Unit linked Insurance Plan
  6. Public Provident Fund (PPF)
  7. National Savings Certificate (NSC)
  8. Home Loan Principal Repayment & Stamp Duty and Registration
  9. Tuition fees for Two children
  10. Equity Linked Savings Scheme (ELSS)
  11. 5-Yr bank fixed deposits (FDs)
  12. Pension Funds or Pension Policies – Section 80CCC
  13. Infrastructure Bonds
  14. NABARD rural bonds
  15. Senior Citizen Savings Scheme 2004 (SCSS )
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