Income Tax Slabs 2021-22 Update: No Changes in Personal Income Tax Slabs Announced in Union Budget Speech, Big Relief For Senior Citizens Above 75 Years of Age

Team Latestly
·2-min read

New Delhi, February 1: Finance Minister Nirmala Sitharaman on Monday presented the crucial Budget 2021 in the Lok Sabha amid the novel coronavirus pandemic. In 2021-22 Budget, Sitharaman did not announce a change in income tax slabs for individuals. Budget 2021-22 Speech Highlights: Rs 35,000 Crore For COVID-19 Vaccines, Voluntary Vehicle Scrapping Policy, FDI in Insurance Sector Hiked - What FM Nirmala Sitharaman's Third Budget Is All About.

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The only change was that senior citizens above 75 years of age will be exempted from filing an income tax return if their source of income is only salary and interest. Rail Budget 2021: Rs 1.10 Lakh Crore Allocated For Indian Railways, Rs 1.07 Lakh Crore For Capital Expenditure Only.

The table below shows the existing tax slabs for different income groups:

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Total Income (in Rs, PA)

Income Tax Rate

Up to Rs 2.5 lakh

Nil

From Rs 2,50,001 to Rs 5,00,000

5%

From Rs 5,00,001 to Rs 7,50,000

10%

From Rs 7,50,001 to Rs 10,00,000

15%

From Rs 10,00,001 to Rs 12,50,000

20%

From Rs 12,50,001 to Rs 15,00,000

25%

Above Rs 15,00,000

30%

In the last Budget, the Finance Ministry had provided massive relief to salaried and middle-class individuals by introducing new tax slab, which came into effect from April 1, 2020.

Meanwhile, this is the ninth budget of the Narendra Modi government, including an interim one. 2021 Budget was created in "circumstances like never before, in view of calamities that have affected the country," Sitharaman said.