Tax Slabs For Senior Citizens Ay 2024-24. Tax slab for super senior citizen with an. The income tax slabs announced for new tax regime in budget 2023 will come into effect from april 1,2023.
Income tax slabs in india are announced by the finance minister every year. Senior citizens with age of 60 to 80 years.
In The Old Regime, Taxpayers Below 60 Years Are Allowed A Higher Basic Exemption Limit Of Inr 3 Lakh.
Tax slab for senior citizen with age of 60 to 80 years.
For Senior Citizens And Super Senior Citizens, The Basic Exemption Limit Is Rs 3 Lakh And Rs 5 Lakh, Respectively.
Senior and super senior citizens can opt for the existing tax regime or the new tax regime with lower rate of taxation (u/s 115 bac of the income tax act) the taxpayer opting for concessional rates in the new tax regime will not be allowed certain exemptions and deductions (like 80c, 80d,80ttb, hra) available in the existing tax.
Income Tax Slabs For Senior Citizens Under Old Tax Regime.
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Senior And Super Senior Citizens Can Opt For The Existing Tax Regime Or The New Tax Regime With Lower Rate Of Taxation (U/S 115 Bac Of The Income Tax Act) The Taxpayer Opting For Concessional Rates In The New Tax Regime Will Not Be Allowed Certain Exemptions And Deductions (Like 80C, 80D,80Ttb, Hra) Available In The Existing Tax.
How much income is exempt from tax for senior citizens?
3 Lakhs And Number Of Tax Slabs Have Bene Reduced To Five As Under:
Super senior citizens with an age of above 80 years.