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For Income Tax Calculator for FY 2019-20 AY 2020-21 click here to download in Excel for free. A resident individual having taxable income upto Rs 500000 will get a tax rebate of Rs 12500 or equal to the amount of tax payable whichever is lower. New Tax Regime Tax Slabs Income Tax Income Tax Income Tax Changes in Union Budget 2021 There was No major changes in income tax in Budget 2021. Ay 2021 20 rebate . As per Rule 21AA of the Income Tax Rules 1962 Form 10-E has. Rebate us 87A for FY 2020-21 AY 2021-22 The amount of rebate us 87A for FY 2020-21 AY 2021-22 has been kept unchanged under both old and new income tax regime. Lets check the income tax rate 2020 and payable tax amount for FY 2020-21 AY 2021-22 under the old tax regime vs new tax regime. Net income range Income-Tax rate AY 2021-22 With no deductions allowed Income-Tax rate AY 2020-21 With all existing deductions. Tax Slabs for AY 2021-22. INCOME TAX SLABS FOR FY 2019-20 AY 2020-21 1. 2021-22 and subsequ