{"id":157,"date":"2020-05-07T13:17:01","date_gmt":"2020-05-07T13:17:01","guid":{"rendered":"https:\/\/prehr.com\/blog\/?p=157"},"modified":"2020-05-07T14:57:55","modified_gmt":"2020-05-07T14:57:55","slug":"income-tax-for-fy-2020-21","status":"publish","type":"post","link":"https:\/\/prehr.com\/blog\/income-tax-for-fy-2020-21\/","title":{"rendered":"Income Tax For FY 2020-21"},"content":{"rendered":"\n
\"tds<\/figure>\n\n\n\n

From Financial Year 2020-21, an individual taxpayer will have an option to choose between existing and new tax regime.<\/p>\n\n\n\n

There are two regimes<\/h2>\n\n\n\n

1. Old (current)<\/p>\n\n\n\n

2. New<\/p>\n\n\n\n

Old<\/strong> Regime:<\/h3>\n\n\n\n

Previous year TDS slab will remain same for current financial year<\/p>\n\n\n\n

From<\/td>To<\/td>Rate<\/td><\/tr>
0<\/td>250000<\/td>0<\/td><\/tr>
250001<\/td>500000<\/td>5<\/td><\/tr>
500001<\/td>1000000<\/td>20<\/td><\/tr>
Above 1000001<\/td> <\/td>30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

New<\/strong> Regime:<\/h3>\n\n\n\n
  •   New tax regime slab rates are not differentiated based on age group.<\/li><\/ul>\n\n\n\n
    •   Rebate of 12500 Applicable.<\/li><\/ul>\n\n\n\n
      •   No Standard Deduction Applicable.<\/li><\/ul>\n\n\n\n
        •   No Professional Tax deduction applicable.<\/li><\/ul>\n\n\n\n
          •  Deduction under section 10, Chapter VI (except 80CCD 2) not Applicable.<\/li><\/ul>\n\n\n\n
            From<\/td>To<\/td>Rate<\/td><\/tr>
            0<\/td>250000<\/td>0<\/td><\/tr>
            250001<\/td>500000<\/td>5<\/td><\/tr>
            500001<\/td>750000<\/td>10<\/td><\/tr>
            750001<\/td>1000000<\/td>15<\/td><\/tr>
            1000001<\/td>1250000<\/td>20<\/td><\/tr>
            1250001<\/td>1500000<\/td>25<\/td><\/tr>
            1500001<\/td>Above<\/td>30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

            Please Note:<\/strong><\/h4>\n\n\n\n
            • Employee can ask admin to change his Income tax Regime.Admin can change employee’s Income tax regime.<\/li>
            • Regime selected in the first month of year will be considered for rest of the year, hence do not change regime every month.<\/li>
            • As per selected regime employee\u2019s Income tax will be calculated.<\/li>
            • Admin cannot change regime once salary is saved. So ensure that before salary is saved regime is updated in employee master.<\/li>
            • Default regime is Old (ie current).<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"

              From Financial Year 2020-21, an individual taxpayer will have an option to choose between existing and new tax regime. There are two regimes 1. Old (current) 2. New Old Regime: Previous year TDS slab will remain same for current financial year<\/p>\n","protected":false},"author":1,"featured_media":158,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nTDS Changes 2020-21,Income Tax, New TDS region,Tax Filing in PREHR<\/title>\n<meta name=\"description\" content=\"Income tax finacial year 2020-21,new TDS Region,TDS,Tax Return,e-Filling,Tax Filling,Payment of income tax,income tax calculation,electronic payment of TDS\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prehr.com\/blog\/income-tax-for-fy-2020-21\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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