Know Income Tax Slab Rates For The Year 2020-2021

29/09/2020 Financial & Legal Services

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As a taxpayer, every person has to pay a direct tax to the government based on their level of earnings during a financial year. These income tax rates were decided by the government of India. Income tax mainly depends on two factors which are age and income of a person which means that every year income tax for a person changes. These taxes are taken from individuals and the business units differently. Here is the income tax slab for the financial year 2020-2021 which you need to know:

* Up to Rs.2.5 lakh -Nil
* Rs.2.5 lakh and up to Rs.5 lakh -5%
* Rs.5 lakh and up to Rs.7.5 lakh -10%
* Rs.7.5 lakh and up to Rs.10 lakh -15%
* Rs.10 lakh and up to Rs.12.5 lakh -20%
* Rs.12.5 lakh and up to Rs.15 lakh -25%
* Rs.12.5 lakh and up to Rs.15 lakh -25%
* Rs.15 lakh -30%

To know more about the income tax slab rates, visit the Bajaj Finserv official website. *T&C apply*

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