Latest Tax Rates : 01 Apr 2020 to 31 Mar 2021

The middle class has been given a reason to cheer but all those with income above 15 Lakh need to calculate whether they are getting benefited in old tax regime or new regime and thereafter can file tax accordingly. Do remember to take up intraday trading as you have some extra cash in your hand which can be used judiciously to earn extra income and here comes in play our share market intraday tips which make money irrespective of the condition in the market.

 Income upto 5L- No tax
 Income 5 - 7.5L - 10%(old 20%)
 Income 7.5L- 10L - 15%(old20%)
 Income 10-12.5L - 20%(old30%)
 Income 12.5-15L - 25%(old30%)
 Income above 15L - 30%

List of deductions excluded from New Tax Regime (Section 115BAC) 

(i) LTA as contained in clause (5) of section 10; 
(ii) HRA as contained in clause (13A) of section 10;
(iii) Any deduction under chapter VIA (like section 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80EE, 80EEA, 80EEB, 80G, 80GG, 80GGA, 80GGC, 80IA, 80-IAB, 80-IAC, 80-IB, 80-IBA, etc). However, deduction under sub-section (2) of section 80CCD (employer contribution on account of the employee in notified pension scheme) and section 80JJAA (for new employment) can be claimed.
(iv) Allowances to MPs/MLAs as contained in clause (17) of section 10;
(v) Allowance for the income of minor as contained in clause (32) of section 10;
(vi) Exemption for SEZ unit contained in section 10AA;
(vii) Standard deduction, deduction for entertainment allowance and employment/professional tax as contained in section 16;
(viii) Interest under section 24 in respect of self-occupied or vacant property referred to in sub-section (2) of section 23. (Loss under the head income from house property for rented house shall not be allowed to be set off under any other head and would be allowed to be carried forward as per extant law);
(ix) Additional deprecation under clause (iia) of sub-section (1) of section 32; 
(x) Deductions under section 32AD, 33AB, 33ABA;
(xi) Various deduction for donation for or expenditure on scientific research contained in sub-clause
(ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or sub-section (2AA) of section 35;
(xii) Deduction under section 35AD or section 35CCC;
 (xiii) Deduction from family pension under clause (iia) of section 57;
 (xiv) Some of the allowance as contained in clause (14) of section 10;