Income Tax Department offers certain tax benefits to senior citizens. An individual between 60 and 80 years is considered a senior citizen person under Income Tax Act, 1961. Here in this post, you will know about the Income Tax Slab For AY 2022-23 For Senior Citizens.
As per the budget 2021, there is no change in the income tax slab for the assessment year 2022-23. There are two tax regimes (New Regime and Old Regime) as usual. Under the new regime, the taxpayer has an option to choose either a new regime or stay in the old regime.
New Regime- Here taxpayers can choose to pay tax at lower rates as per the new regime on the condition that they forgo certain permissible exemptions and deductions available under Income Tax, or
Old Regime- To continue to pay taxes under the existing tax rates. The assessee can avail of rebates and exemptions by staying in the old regime and paying tax at a higher rate.
Here you find the chart of Income Tax Slab for AY 2022-23 for senior citizens as per both new and old regimes.
New Tax Regime: Income Tax Slab For AY 2022-23 For Senior Citizens
Here is the Income Tax slab for AY 2022-23 for senior citizens as per the new tax regime of Income Tax.
| Income Tax Slab | Income Tax Rates- New Scheme |
|---|---|
| upto Rs. 2,50,000 | NIL- No Tax |
| Rs. 2,50,001 to Rs. 5,00,000 | 5 % (Tax Rebate u/s 87a is available) |
| Rs. 5,00,001 to Rs. 7,50,000 | 10% |
| Rs. 7,50,001 to Rs. 10,00,000 | 15% |
| Rs. 10,00,001 to Rs. 12,50,000 | 20% |
| Rs. 12,50,001 to Rs. 15,00,000 | 25% |
| Above Rs. 15,00,000 | 30% |
Note 1- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for AY 2022-23. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
Old Tax Regime: Income Tax Slab For AY 2022-23 For Senior Citizens
Here is the Income Tax slab for AY 2022-23 for senior citizens as per the old tax regime of Income Tax.
| Income Tax Slab | Income Tax Rates |
|---|---|
| upto Rs. 3,00,000 | NIL- No Tax |
| Rs. 3,00,000 to Rs. 5,00,000 | 5 % of total income exceeding Rs. 3,00,000 |
| Rs. 5,00,001 to Rs. 10,00,000 | Rs. 10,000 + 20% of total income exceeding Rs. 5,00,000 |
| Above Rs. 10,00,000 | Rs. 1,10,000 + 30% of total income exceeding Rs. 10,00,000 |
The following points are also applicable-
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above. (Both Regime)
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60 + but below 80 years) for a maximum amount of Rs. 10,000 if the total income is up to Rs. 5,00,000 for FY 2022-23. (Old Regime)
Note 3:- Surcharge is additional on the amount of Income tax. (Both Regime)
Know More About-
🎯 Income tax Slab Applicable to All Individual Tax Payers For AY 2022-23
🎯 Income tax Slab Applicable to Women Tax Payers For AY 2022-23
Surcharge applicable to the Senior Citizen
The surcharge over the tax calculated will be charged as per the below table-
| Income Limit | Surcharge rate on the amount of Income Tax |
|---|---|
| Net income exceeds Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceeds Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceeds Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceeds Rs. 5 Crore | 37% |
Frequently Asked Questions- FAQs
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What is the standard deduction for AY 2022-23?
Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses. It is allowable from the “Income taxable under the head salary” The tax benefits can be claimed irrespective of the actual amount spent on ‘transport allowance’ and ‘medical allowance’.
For the assessment year 2022-23, the standard deduction applicable to salaries individual and pensioners is Rs. 50,000/-. But if you are choosing to pay tax under the new tax regime then you can not avail of the standard deduction
-
What is the new tax slab for 2020 2021?
As per the new tax regime for FY 2020-21 following income tax slab is applicable for all individuals and HUF assessees-
🎯 up to Rs. 2,50,000 NIL ▶️ No Tax
🎯 Rs. 2,50,001 to Rs. 5,00,000 ▶️ 5 % (Tax Rebate u/s 87a is available)
🎯 Rs. 5,00,001 to Rs. 7,50,000 ▶️ 10%
🎯 Rs. 7,50,001 to Rs. 10,00,000 ▶️ 15%
🎯 Rs. 10,00,001 to Rs. 12,50,000 ▶️ 20%
🎯 Rs. 12,50,001 to Rs. 15,00,000 ▶️ 25%
🎯 Above Rs. 15,00,000 ▶️ 30%
Note- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 for FY 2020-21. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
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What is the Income Tax Slab For Senior Citizen?
Here is the Income Tax Slab For AY 2022-23 For Senior Citizens as per the new tax regime-
🎯 up to Rs. 2,50,000 NIL ▶️ No Tax
🎯 Rs. 2,50,001 to Rs. 5,00,000 ▶️ 5 % (Tax Rebate u/s 87a is available)
🎯 Rs. 5,00,001 to Rs. 7,50,000 ▶️ 10%
🎯 Rs. 7,50,001 to Rs. 10,00,000 ▶️ 15%
🎯 Rs. 10,00,001 to Rs. 12,50,000 ▶️ 20%
🎯 Rs. 12,50,001 to Rs. 15,00,000 ▶️ 25%
🎯 Above Rs. 15,00,000 ▶️ 30%
Note- The taxpayer opting for concessional rates in the New Tax Regime will have to forgo certain exemptions and deductions available in the existing old tax regime.
Note 2:- A tax rebate under section 87A is allowed to individual taxpayers for a maximum amount of Rs. 12,500 if the total income is up to Rs. 5,00,000 as per. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
-
What is the standard deduction for 2022?
Standard deduction means a flat deduction to individuals earning a salary or pension income. It was introduced back in Budget 2018 in lieu of transport allowance and reimbursement of miscellaneous medical expenses. It is allowable from the “Income taxable under the head salary” The tax benefits can be claimed irrespective of the actual amount spent on ‘transport allowance’ and ‘medical allowance’.
For the year 2022, the standard deduction applicable to salaries individual and pensioners is Rs. 50,000/-. But if you are choosing to pay tax under the new tax regime then you can not avail of the standard deduction
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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.
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