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The income tax slabs for 2020-21 are therefore as follows:


Income tax slabs for salaried persons:

In the case of salaried individuals, there are 11 tax slabs with a progressive taxation rate ranging from 5% to 35% of income. To find out what tax rate is applicable to you, multiply your gross monthly salary by 12 and match it with the corresponding slab.

Serial NoTaxable Income
1For income above Rs600,000 but not exceeding Rs1,200,000, individuals will pay 5% of the amount exceeding Rs600,000.
2For income above Rs1,200,000 but not exceeding Rs1,800,000, individuals will pay Rss30,000 plus 10% of the amount exceeding Rs1,200,000.
3For income above Rs1,800,000 but not exceeding Rs2,500,000, individuals will pay Rs90,000 plus 15% of the amount exceeding Rs1,800,000.
4For income above Rs2,500,000 but not exceedingRs3,500,000, individuals will pay Rs195,000 plus 17.5% of the amount exceeding Rs2,500,000.
5For income above Rs3,500,000 but not exceeding Rs5,000,000, individuals will pay Rs370,000 plus 20% of the amount exceeding Rs3,500,000.
6For income above Rs5,000,000 but not exceeding Rs8,000,000, individuals will pay Rs670,000 plus 22.5% of the amount exceeding Rs5,000,000.
7For income above Rs8,000,000 but not exceeding Rs12,000,000, individuals will pay Rs1,345,000 plus 25% of the amount exceeding Rs8,000,000.
8For income above Rs12,000,000 but not exceedingRs30,000,000, individuals will pay Rs2,345,000 plus 27.5% of the amount exceeding Rs12,000,000.
9For income above Rs30,000,000 but not exceeding Rs50,000,000, individuals will pay Rs7,295,000 plus 30% of the amount exceeding Rs30,000,000.
10For income above Rs50,000,000 but not exceeding Rs75,000,000, individuals will pay Rs13,295,000 plus 32.5% of the amount exceeding Rs50,000,000.
11For income above Rs75,000,000, individuals will pay Rs21,420,000 plus 35% of the amount exceeding Rs75,000,000.

Tax Slabs for Salaried Income

If the income of an individual chargeable under the head of “salary” exceeds seventy-five percent of his taxable income, the rates of tax applied will be as follows:

Serial NoTaxable IncomeRate of Tax
1Where the taxable income does not exceed Rs. 600,0000%
2Where the taxable income exceeds Rs. 600,000 but does not exceed Rs. 1,200,0005% of the amount exceeding Rs. 600,000
3Where taxable income exceeds Rs. 1,200,000 but does not exceed Rs. 1,800,000Rs. 30,000 plus 10% of the amount exceeding Rs. 1,200,000
4Where taxable income exceeds Rs. 1,800,000 but does not exceed Rs. 2,500,000Rs. 90,000 plus 15% of the amount exceeding Rs. 1,800,000
5Where taxable income exceeds Rs. 2,500,000 but does not exceed Rs. 3,500,000Rs. 195,000 plus 17.5% of the amount exceeding Rs. 2,500,000
6Where the taxable income exceeds Rs. 3,500,000 but does not exceed Rs. 5,000,000Rs. 370,000 plus 20% of the amount exceeding Rs. 3,500,000
7Where the taxable income exceeds Rs. 5,000,000 but does not exceed Rs. 8,000,000Rs. 670,000 plus 22.5% of the amount exceeding Rs. 5,000,000
8Where the taxable income exceeds Rs. 8,000,000 but does not exceed Rs. 12,000,000Rs. 1,345,000 plus 25% of the amount exceeding Rs. 8,000,000
9Where taxable income exceeds Rs. 12,000,000 but does not exceed Rs.30,000,000Rs. 2,345,000 plus 27.5% of the amount exceeding Rs. 12,000,000
10Where the taxable income exceeds Rs. 30,000,000 but does not exceed Rs.50,000,000Rs. 7,295,000 plus 30% of the amount exceeding Rs. 30,000,000
11Where taxable income exceeds Rs. 50,000,000 but does not exceed Rs.75,000,000Rs.13,295,000 plus 32.5% of the amount exceeding Rs. 50,000,000
12Where taxable income exceeds Rs.75,000,000Rs. 21,420,000 plus 35% of the amount exceeding Rs. 75,000,000