Income Tax Rates for Individuals
Direct tax is also known as Income Tax. Assessee is liable to pay Income Tax on profits and gross salary. Every year, finance ministry announces Fiscal year budget in February and notifies the Tax Slabs and Direct tax related notifications.
Slab basis Individual income tax rates for FY 19-20 and FY 20-21:
Income up to RS 2,50,000 – Nil Tax.
Between RS.2,50,000 – Rs.5,00,000 – 5%,
Between RS.5,00,000 – Rs.10,00,000 – 20%.
Above Rs.10,00,000 – 30%.
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