We Loan4fauji.com provides Income Tax Return (ITR) filing services for all the Defence Personnel i.e. (Indian Army, Indian Navy & Indian Airforce), Paramilitary Soldiers i.e (CISF, CRPF, ITBP, SSB, BSF, Indian Coast Guard & Assam Riles) & Ex-servicemen. It is completely online process wherein soldiers don’t need to go anywhere, they just need to upload the required documents and then our team of qualified CA’s will evaluate & file accurate ITR according to information you provide at the earliest.
On 1st Feb 2020, Nirmala Sitharaman, the Finance Minister of India presented the Union Budget and introduced the new income tax slab. The New income tax regime was introduced for regular individuals, Senior citizens, Super Senior Citizens and HUF, Wherein they can pay taxes at lower income tax return slab rates. The income tax rates are depends upon annual income and age of the tax payer.
By knowing the income tax slab, our subscribers like Military Personnel i.e. (Indian Army, Indian Navy and Indian Airforce), Paramilitary Personnel(CISF, CRPF, BSF, ITBP, Indian Coast Guard & Assam Rifles) and Ex-servicemen will be able to calculate the total tax they need to pay to the government this financial year 2020-21
New Income Tax Slab for FY 2023-24 (AY 2024-25)
| Income range | Income tax rate |
| Up to Rs. 3,00,000 | Nil |
| Rs. 300,000 to Rs. 6,00,000 | 5% on income that exceeds Rs 3,00,000 |
| Rs. 6,00,000 to Rs. 900,000 | Rs 15,000 + 10% on income more than Rs 6,00,000 |
| Rs. 9,00,000 to Rs. 12,00,000 | Rs 45,000 + 15% on income more than Rs 9,00,000 |
| Rs. 12,00,000 to Rs. 1500,000 | Rs 90,000 + 20% on income more than Rs 12,00,000 |
| Above Rs. 15,00,000 | Rs 150,000 + 30% on income more than Rs 15,00,000 |
Income Tax Slab for FY 2020-21 (AY 2021-22)
| Annual Income | New Tax Rate FY 2020-2021 | Old Tax Rate FY 2019-2020 |
|---|---|---|
| Upto Rs 2.5 Lacs | Exempted | Exempted |
| Rs 2.5 Lacs – Rs 5 Lacs | 5% | 5% |
| Rs 5 Lacs – Rs 7.5 Lacs | 10% | 20% |
| Rs 7.5 – Rs 10 Lacs | 15% | 20% |
| Rs 10 Lacs – Rs 12.5 Lacs | 20% | 30% |
| Rs 12.5 Lacs – Rs 15 Lacs | 25% | 30% |
| Above Rs 15 Lacs | 30% | 30% |
Note 1:- Rebate U/S 87A – A resident individual (whose Net income doesn’t exceed Rs 5,00,000 can avail rebate under this section. It is deductible from income tax before calculating education cess. The Amount of the rebate is 100 % of income tax or Rs 12,500 whichever is less.
Note 2:- The option to pay tax at lower rates shall be available only if the total income of assesse is computed without claiming specified exemptions or deductions compared to last year tax slab i.e. FY 2019-20
New Income Tax Slab for Senior Citizens in 2020-21
Tax payers above 60 years of age & less than 80 years of age are considered as Senior Citizens as per the Income Tax Act 1961. There is no change introduced in the income tax rates for senior citizens as compared to previous year i.e. FY 2019-20.
| Annual Income | New Tax Rate FY 2020-2021 | Old Tax Rate FY 2019-2020 |
|---|---|---|
| Upto Rs 3 Lacs | Exempt | Exempt |
| Rs 3 Lacs – Rs 5 Lacs | 5% | 5% |
| Rs 5 Lacs – Rs 7.5 Lacs | 10% | 20% |
| Rs 7.5 Lacs – Rs 10 Lacs | 15% | 20% |
| Rs 10 Lacs – Rs 12.5 Lacs | 20% | 20% |
| Rs 12.5 Lacs – Rs 15 Lacs | 25% | 30% |
| Above Rs 15 Lacs | 30% | 30% |
Note 1:- A resident individual (whose net income does not exceed Rs 5, 00,000 can avail rebate under section 87A. It is deductible from income tax before calculating education cess. The amount of rebate is 100 % of income tax or Rs 12,500 whichever is less.
Note 2:- The option to pay tax at lower rates shall be available only if the total income of assesse is computed without claiming specified exemptions or deductions compared to last year tax slab i.e. FY 2019-20