Income tax calculator for FY2021-22
Effective from April 1, 2020, a salaried individual has to choose between the new and old income tax regimes. Budget 2020 introduced a new income tax regime with reduced tax rates for those willing to forego 70 tax-exemptions and deductions under it.
This new tax system has been made optional and continues to co-exist with the old/existing one.
Income tax rates and slabs under new tax regime for FY 2021-22
Under the old tax regime, the basic tax exemption limit for an individual depends on their age and residential status.
This is the latest income tax slabs for FY 2021-22 under old tax regime:
Income tax slabs for resident individuals below 60 years of age for 2020-21
Income tax slabs for resident individual between 60 and 80 years of age (Senior Citizen) for FY 2020-21
Income tax slabs for resident individual above 80 years of age (Super Senior Citizen) FY 2020-21