ESI is an autonomous organization under the Ministry of Labour and Employment, Government of India. Employee's State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers.
ESI is an autonomous organization under the Ministry of Labour and Employment, Government of India. Employee's State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers.
ESI is an autonomous organization under the Ministry of Labour and Employment, Government of India. Employee's State Insurance (ESI) is a self-financing social security and health insurance scheme for Indian workers.
Who is liable to pay income tax
What benefit you will get after filing of Income Tax Return –
Here are the summarised new Income Tax Slab for F.Y 2020-21 ( A Y 2021-22) in India for Individual:-
From FY 2020-21, an individual taxpayer will have an option to choose between existing and new tax regime. In order to know which tax regime is beneficial for an individual, it is important to know how much will be the tax liability in both regimes, below are the tax slab rate for calculation the income tax ;-
Income Tax rate as per New regime
Income Tax Slab |
Tax Rate |
Up to Rs 2.5 lakh |
NIL |
Rs 2.5 lakh to Rs 5 lakh |
5% (Tax rebate of Rs 12,500 available under section 87A) 87A) |
Rs 5 lakh to Rs 7.5 lakh |
10% |
Rs 7.5 lakh to Rs 10 lakh |
15% |
Rs 10 lakh to Rs 12.5 lakh |
20% |
Rs 12.5 lakh to Rs 15 lakh |
25% |
Rs 15 lakh and above |
30% |
In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person
Taxable Income |
Tax Rate |
|---|---|
Up to Rs. 2,50,000 |
Nil |
Rs. 2,50,000 to Rs 5,00,000 |
5% |
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
Above Rs. 10,00,000 |
30% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Health & Education Cess [see Note]
In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)
Taxable Income |
Tax Rate |
|---|---|
Up to Rs. 3,00,000 |
Nil |
Rs. 3,00,000 to Rs 5,00,000 |
5% |
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
Above Rs. 10,00,000 |
30% |
Less: Rebate under Section 87A [see Note]
Add: Surcharge and Health & Education Cess [see Note]
In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)
Taxable Income |
Tax Rate |
|---|---|
Up to Rs. 5,00,000 |
Nil |
Rs. 5,00,000 to Rs. 10,00,000 |
20% |
Above Rs. 10,00,000 |
30% |
|
Add: Surcharge and Health & Education Cess
Note:- Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 12,500, whichever is less.
Note:- Health and Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of 4% of such income-tax and surcharge.
