Old Tax Regime- Income Tax Slab For AY 2021-22 for individual

In India, income is calculated based on different parameters like in the case of an individual assessee income is calculated based on his age group. In this post, we will discuss the Income Tax Slab For AY 2021-22 For Individual Old Tax Regime.

Income Tax Slab For AY 2021-22

For AY 2021-22, individuals and HUF will have an option for computation of its income tax liability as per provision of section 115BAC and if they opt for this section, a new tax rate will be applicable and if they do not opt for section 115BAC, the existing tax rate will be applicable.

Here you find the chart of Income Tax Slab For AY 2021-22 For Individual Old Tax Regime.

Income Tax Slab For AY 2021-22 For Individual Old Tax Regime

Income Tax slabThe income Tax rate for individuals (Age below 60 years) & HUF
up to Rs. 250000NIL- No Tax
Rs. 250000 to Rs. 5000005 % of total income exceeding Rs. 250000
Rs. 500001 to Rs. 1000000Rs. 12500 + 20% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 112500 + 30% of total income exceeding Rs. 1000000
Income Tax Slab For AY 2021-22 For Individual Old Tax Regime

Also, Read- Documents Required for ITR Filing- Income Tax Return Filing

Tax slab for Senior Citizen

Income Tax slabThe income Tax rate for Senior citizens
is up to Rs. 300000NIL- No Tax
Rs. 300000 to Rs. 5000005 % of total income exceeding Rs. 300000
Rs. 500001 to Rs. 1000000Rs. 10000 + 20% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 110000 + 30% of total income exceeding Rs. 1000000
Income Tax Slab For AY 2021-22 For Individual Old Tax Regime

Tax slab for a Super Senior Citizen

Income Tax slabThe income Tax rate for Super Senior citizens
is up to Rs. 500000NIL- No Tax
Rs. 500001 to Rs. 100000020% of total income exceeding Rs. 500000
Above Rs. 1000000Rs. 100000 + 30% of total income exceeding Rs. 1000000
Income Tax Slab For AY 2021-22 For Individual Old Tax Regime

Note 1:- An additional 4% health & education cess will apply to the tax amount calculates as above.

Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60 + but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 500000 for FY 2020-21.

Also, Read- List of Benefits from Filing Income Tax Return

Note 3:- The surcharge over the tax calculated will be charged (subject to marginal relief) as per the below table-

Income LimitSurcharge rate on the amount of Income Tax
Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore10%
Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore15%
Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore25%
Net Income exceeds Rs. 5 Crore37%

Must Read- Standard Deduction for AY 2021-22 for Salaried Individuals.

Join our Social Community

FacebookTwitterInstagram
LinkedInPinterestTelegram

Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken based on the above article.

Feedback/Suggestion- Hope you all find it useful, please give your valuable feedback & let us know if there is an error. Thanks in Advance

Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

Spread the knowledge of Tax

Leave a Comment