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 2021-22.
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 Senior Citizen For FY 2021-22 as per both new and old regimes.
New Tax Regime: Income Tax Slab For Senior Citizen For FY 2021-22
Here is the Income Tax Slab For Senior Citizen For FY 2021-22 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 FY 2021-22. 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 Senior Citizen For FY 2021-22
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-
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
What are the tax rates for 2021 22?
As per the new tax regime for FY 2021-22 following income tax slab is applicable for individual and HUF assessee-
🎯 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 2021-22. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
What are the tax slabs for the assessment year 2021 22?
Here is the Income Tax Slab For Individual For AY 2021-22 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 for FY 2020-21. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
What is the Income Tax Slab for senior citizens?
Income Tax Slab For Senior Citizen For FY 2021-22- 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 as per Income Tax Slab For Senior Citizen For FY 2021-22. The amount of rebate shall be 100% of the Income Tax or Rs. 12,500 whichever is less. (New Regime)
What is the 80C limit for 2021 22?
Section 80C deductions to be deducted while computing total income for the financial year 2021-22. The aggregate amount of deductions allowed under section 80C (along with 80CCC & 80CCD) is Rs. 1,50,000. The deduction under section 80C is allowed only to the individual and HUF assessee. It includes LIC Payment, PPF Payment, specified sum deducted by or on behalf of the government, tuition fee of children (any 2 children), National Saving Certificate (VIII or IX issue), etc.
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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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