Income tax calculator: calculate income taxes online for 2020-21
As of April 1, 2020, a salaried individual must choose between the new and the old income tax regime. Budget 2020 introduced a new income tax regime with reduced tax rates for those who wish to forgo 70 tax exemptions and deductions under it.
This new tax system has been made optional and continues to coexist with the old / existing one.
Income tax rate and slabs under new tax regime for fiscal year 2021-22
Under the old tax regime, the basic tax exemption ceiling for a natural person depends on his age and residence status.
Here are the last income tax brackets for the 2021-22 fiscal year under the old tax system:
Income tax slabs for resident individuals under the age of 60 for 2020-2021
Income tax slabs for resident individuals aged 60 to 80 (Senior Citizen) for fiscal year 2020-21
Income tax slabs for resident individuals over 80 (Super Senior Citizen) FY 2020-21