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It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

Budget 2020 has announced a new tax regime giving taxpayers an option to pay taxes as per the new tax slabs from FY 2020-21 onwards.

Income tax slabs under the new tax regime for all individuals for FY 2020-21 (AY 2021-22)

Up to Rs 2.5 lakhNIL

Rs 2.5 lakh to Rs 5 lakh5% (Tax rebate of Rs 12,500 available under section 87A)

Rs 5 lakh to Rs 7.5 lakh10%

Rs 7.5 lakh to Rs 10 lakh15%

Rs 10 lakh to Rs 12.5 lakh20%

Rs 12.5 lakh to Rs 15 lakh25%

Rs 15 lakh and above30%

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