Income Tax Slab Rates | Income Tax Benefits for Senior Citizens

Income Tax Slab rates :- the Indian Government has provided a wide range of tax benefits and special advantages to senior citizens. In certain things, the senior citizens are entitled to income tax exemptions. Apart from this, they can also get more advantages when it comes to income tax payments. So, through this article, we are going to summarize the special benefits related to Income tax which is applicable to senior citizens.

Now, before proceeding ahead, you should understand that who is a senior citizen according to the Indian government in respect of income tax. The income tax department also provides an easy path for senior citizen for making income tax payment. So, the senior citizens can also pay their income tax hassle-free through the official portal of the income tax in online mode. There is no need to visit the income tax offices and standing in long lines for making income tax payment.

income tax slab rates

Who is Senior Citizen according to Indian Government under Income Tax | Income Tax Slab rates

As per Indian Government Laws for Income Tax, a person who has completed his 60 years of age in a financial year is a senior citizen. So, 60 years of age is the line that determines a person’s Income Tax Liability for a Financial Year. Now, A new category of senior citizen is also summarized and that is “super senior citizen”.  A person who has completed the age 80 at any time during the Financial Year is coming under “super senior citizen”.

  • Senior Citizen: A person completed his 60 years of age.
  • Super Senior Citizen: A person completed his 80 years of age.

Income Tax Benefits for Senior Citizens

Benefits of Income Tax Slab Rates for Senior Citizens:

  1. The Income Tax Slab Rates for Senior Citizens above 60 years of Age for the Financial Year 2016-17/ Assessment Year 2017-2018
Income Tax Slabs Income Tax Rates
Total Income under Rs. 3,00,000 NIL
Total Income between Rs. 3,00,000 to Rs. 5,00,000 10% of the on Amount on it exceeds Rs. 3,00,000
Total Income between Rs. 5,00,000 to Rs. 10,00,000 20% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,000 30% of the on Amount of it exceeds Rs. 10,00,000

 

  1. Income Tax Slab Rates for Senior Citizens for the Financial Year 2017-18/ Assessment Year 2018-19:
Income Tax Slabs Income Tax Rates
The Total Income does not exceed Rs. 3,00,000 NIL
Total Income between Rs. 3,00,000 to Rs. 5,00,000 5% of the on Amount on it exceeds Rs. 3,00,000
Total Income between Rs. 5,00,000 to Rs. 10,00,000 20% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,000 30% of the on Amount of it exceeds Rs. 10,00,000

 

  1. The Income Tax Slab Rates for Senior Citizens above 80 Years
Income Tax Slabs Income Tax Rates
The Total Income does not exceed Rs. 5,00,000 NIL
Total Income between Rs. 5,00,000 to Rs. 10,00,000 20% of the on Amount on it exceeds Rs. 5,00,000
The Total Income exceeds Rs. 10,00,000 30% of the on Amount of it exceeds Rs. 10,00,000

 

 Deductions under Section 80D for Medical Insurance Premium Payment

The deduction under section 80D for non-senior citizens for the payment of medical insurance premium is Rs 15,000. For Senior Citizens the deduction increases to Rs 20,000. Senior Citizens who do not have business income are exempted from income tax payment. They will only need to pay “Self Assessment Tax” on the total income as per Finance Act 2012)

Non-deduction of TDS on Interest

If the total income of a senior citizen is exempted from the income tax then zero tax is payable for that financial year. That person can submit Form-15H for non-deduction of his TDS on Interest on the Fixed Deposit.

Higher Deduction under Section 80DDB for specified disease

As per Section 80DDB, the deduction is given in case of expense on specified ailments disease -medical treatment. It is given up to Rs 40,000 and in case of a senior citizen the deduction of Rs. 60,000.

Tax Exempted on amount received under “Reverse Mortgage Scheme”

The amount paid in installments to the Senior Citizen is a complete exemption from income tax levy.

Note: This webpage is dedicated to the “What are the Tax Benefits for Senior Citizens”. So, you can bookmark this page and visit here again to get the latest updates on Income Tax. Visit http://incometaxlogin.co.in/

To Know About GST (Goods & Services Tax) – https://gstgov.co.in/

Write a Reply or Comment

Your email address will not be published.