In her first Budget Speech on 1st Feb, 2021 Finance Minister Nirmala Sitharam kept slab rates unchanged. In this case slab rates will be same for financial year 2021-22 as they were in financial year 2020-21. But there is a news spread around that some NEW TAX SCHEME Concept has introduced from the fy 01.04.2021 (AY 2022-23). It means Tax payers now has to choose between Old scheme & New scheme. What is old scheme and new scheme? Which tax scheme is better? Which scheme tax payers should choose? and Detailed comparison between old vs new scheme. We here will answer all your questions. Just keep rolling!
Income tax slab rates for FY 2020-21 & 2021-22. (AY 2021-22 & 2022-23)
Income tax slab rates for FY 2020-21 for Individuals:
Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
| Net Income Range | Income-Tax rate (%) |
| Up to Rs. 2,50,000 | Nil |
| Rs. 2,50,000- Rs. 5,00,000 | 5% |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
| Net income range | Income-Tax rate(%) |
| Up to Rs. 3,00,000 | Nil |
| Rs. 3,00,000 – Rs. 5,00,000 | 5% |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |
Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
| Net income range | Income-Tax rate(%) |
| Up to Rs. 5,00,000 | Nil |
| Rs. 5,00,000- Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% |