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 Senior Citizen For FY 2019-20.
Income Tax Slab For Senior Citizen For FY 2019-20 as per new regime
The tax liabilities for senior citizens are calculated on the basis of their salary, house rent, and fixed allowance, alongside other income sources. In India, the exemption limit stands at up to Rs. 3 Lakh for individuals above 60 years of age. Here is the applicable Income Tax Slab For Senior Citizen For FY 2019-20:-
| Income Tax Slab | Income Tax rate for Senior Citizen (Age 60 years to 80 years) |
|---|---|
| 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 |
Note 1:- An additional 4% health & education cess will be applicable to the tax amount calculates as above.
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 2019-20.
Note 3:- Surcharge is additional on the amount of Income tax.
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 amount of Income Tax |
|---|---|
| Net income exceed Rs. 50 Lakhs but does not exceed Rs. 1 Crore | 10% |
| Net Income exceed Rs. 1 Crore but does not exceed Rs. 2 Crore | 15% |
| Net Income exceed Rs. 2 Crore but does not exceed Rs. 5 Crore | 25% |
| Net Income exceed Rs. 5 Crore | 37% |
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Frequently Asked Questions- FAQs
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What is the income tax slab for senior citizens?
Income Tax Slab For Senior Citizen For FY 2019-20 are as follow-
🎯 upto Rs. 3,00,000 ▶️ NIL (No Tax)
🎯 Rs. 2,50,000 to Rs. 5,00,000 ▶️ 5 % of total income exceeding Rs. 3,00,000
🎯 Rs. 5,00,001 to Rs. 10,00,000 ▶️ Rs. 12,500 + 20% of total income exceeding Rs. 5,00,000
🎯 Above Rs. 10,00,000 ▶️ Rs. 1,12,500 + 30% of total income exceeding Rs. 10,00,000
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How is Income Tax Calculated For Seniors?
For the current year, the income tax rate in the new tax regime is the same for all categories of individuals (including senior citizens) and HUFAs. Here is the new tax regime applicable in the case of senior citizen taxpayers-
🎯 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. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
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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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