What is the tax calculation for income earned by senior citizens
Senior citizen (age 60 to 80 years)
Income slabs Tax Rates
0 – Rs 3 lks NIL
Rs 3lks – Rs 5lks 5% of amount by which income exceeds Rs 3lks.
Rs 5lks – Rs 10lks Rs. 10,000 + 20% of the amount by which income exceeds Rs 5lks
10lks and above Rs. 110,000 + 30% of the amount by which income exceeds Rs 10lks
Super senior citizen (age 80 years and above)
Income slabs Tax Rates
0 – Rs 5 lks NIL
Rs 5lks – Rs 10lks 20% of the amount by which income exceeds Rs 5lks
10lks and above Rs. 100,000 + 30% of the amount by which income exceeds Rs 10lks
Additional surcharge of 10% of taxes if total annual income crosses Rs 50lks and 15% if crosses Rs 1 crore