Income Tax – 26 AS

Tax Rates for FY 2020-21 Income Tax Rate for Individuals and HUF: Individual (resident or resident but not ordinarily resident or non-resident), (who is below 60 years of age as on the last day of the relevant previous year) and for HUF: Taxable Income Tax Rate (Existing Scheme) Tax Rate (New Scheme) Up to Rs. 2,50,000 Nil Nil Rs. 2,50,001 to Rs. 5,00,000 5% 5% 5% Rs. 5,00,001 to Rs. 7,50,000 20% 10% Rs.7,50,001 to Rs.10,00,000 20% 15% Rs.10,00,001 to Rs.12,50,000 30% 20% Rs.12,50,001 to Rs.15,00,000 30% 25% Rs.15,00,000 30% 30% resident or resident but not ordinarily resident Senior citizen, i.e., every person, being resident or resident but not ordinarily resident in India, who is 60 years of age or more but less than 80 years At any time during the previous year: Taxable Income Tax Rate (Existing Scheme) Tax Rate (New Scheme) Up to Rs 2,50,000 Rs 5,00,000 5% 5% 5% Rs 5,00,001 to Rs 7, 50,0