INCOME TAX SLAB FOR AY 2021-22 / FY 2020-21 Today in this post we will discuss Income Tax Slab for FY 20-21 and AY 20-21  As per Budget 2018 in lieu of exemption of transport allowance and reimbursement of miscellaneous medical expenses. The Standard deduction limit for FY 2019-20 & FY 2020-21 the limit of the standard deduction is Rs 50,000. Date: 01 Feb, 2021 and as per  Budget 2021 - No changes in the Income Tax Slab Rate (old as well as new) for FY 20-21.(01-Feb-2021) What Is Income Tax? Well Friends Income Tax is a kind of direct tax levied by Central Govt. of India on personal Income of every individual, LLP, HUF, Company, and Partnership Firms, If their income is above trash hold limit for the particular Financial Year  set by the Govt. of India that is Central Govt. What is Income Tax Slub? As we know Income Tax is the tax levied on Annual Income of Individual or Firms total annual Income. And Income Tax Slab will decide that how much Tax will you pay for your annually i