Budget 2020 | New Income Tax Rates | New Income Tax Slabs | Income Tax Calculation 2020-21
New Income Tax Slab Rates Budget 2020 | Income Tax FY 2020-21 Calculation Examples
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In this video we will see what are the changes made in Budget 2020 related to Income Tax Slab Rates and also see the Income Tax Calculation process of Income Tax for FY 2020-21 with the help of new Income Tax Slab Rates.
Also, we will see the comparison of Income Tax for FY 2019-20 with FY 2020-21, based on the Income Example given by Nirmala during Budget 2020.
Watch full video to see the Calculation process.
New Income Tax Slab Rates for FY 2020-21:
1. Rs. 0 - Rs. 2.5 Lakh = 0% Tax
2. Rs. 2.5 - Rs. 5 Lakh = 5% Tax
3. Rs. 5 - Rs. 7.5 Lakh = 10% Tax
4. Rs. 7.5 - Rs. 10 Lakh = 15% Tax
5. Rs. 10 - Rs. 12.5 Lakh = 20% Tax
6. Rs. 12.5 - Rs. 15 Lakh = 25% Tax
7. Rs. 15 Lakh and Above = 30% Tax
Old Income Tax Slab Rates till FY 2019-20:
1. Rs. 0 - Rs. 2.5 Lakh = 0% Tax
2. Rs. 2.5 - Rs. 5 Lakh = 5% Tax
3. Rs. 5 - Rs. 10 Lakh = 20% Tax
4. Rs. 10 Lakh and Above = 30% Tax
In the end of video, we will see How to Calculate Income Tax FY 2020-21, How to Calculate Income Tax FY 2019-20 and the comparison of both Calculations with the help of examples.
In order to use new Income Tax Slab Rates, there is a condition to forgo all exemptions and deductions. So either you can use new Income Tax Slab Rates without exemptions or you can use old Income Tax Slab Rates with exemptions and Deductions already available and Calculate the Income Tax accordingly.
You can also download my Free Android App FinCalC to Calculate your Income Tax, the link is already mentioned above in description section.
In the upcoming vidoes we will see How we can Calculate Income Tax with new Slab Rates for each and every Slab mentioned in Budget 2020.
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Like and Share this video, Subscribe to our Channel and download our Free Android App FinCalC for more information and examples related to Income Tax and other related topics, Links are in description section, Stay tuned.
The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.
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