New Income Tax Slab for FY 2020-21 & AY 2021-22
Let’s check the new income tax slab rates 2020 for individuals below:
| Annual Income | New Tax Regime | Old Tax Regime |
| Up to Rs.2.5 lakh | Exempt | Exempt |
| Rs.2.5 lakh – Rs.5 lakh | 5%* | 5%* |
| Rs.5 lakh – Rs.7.5 lakh | 10% | 20% |
| Rs.7.5 lakh – Rs.10 lakh | 15% | 20% |
| Rs.10 lakh – Rs.12.5 lakh | 20% | 30% |
| Rs.12.5 lakh – Rs.15 lakh | 25% | 30% |
| Above Rs.15 lakh | 30% | 30% |
New Income Tax Slab for Senior Citizens in 2020-21
Tax payers above 60 years of age and less than 80 years of age are considered as Senior Citizens as per the Income Tax Act, 1961. Let’s check the income tax slab for senior citizen as per the old tax regime.
| Annual Income | Old Tax Regime |
| Up to Rs.3 lakh | Exempt |
| Rs.3 lakh – Rs.5 lakh | 5% |
| Rs.5 lakh – Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
Note: The income tax slab rates under the new tax regime is applicable to all the individuals and senior citizens. There is no exception available to senior citizens in the income tax slab 2020 under the new tax regime.
Income Tax Slab 2020-21 for Super Senior Citizens
As per the Income Tax Act, 1961, tax payers above 80 years of age are super senior citizens. Super senior citizens will be required to pay taxes as per the income tax slab FY 2020-21 & AY 2021-22 (old tax regime) which is mentioned below:
| Annual Income | Old Tax Regime |
| Up to Rs.5 lakh | Exempt |
| Rs.5 lakh – Rs.10 lakh | 20% |
| Above Rs.10 lakh | 30% |
Note: Super senior citizens can also opt for the Income tax slab 2020 under the new tax regime. The Income tax slab rates 2020-21 are same for all tax payers (individuals, senior citizens and super senior citizens).