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Transcript

Tax on Super Senior Citizens Senior Citizen 60 Years-80 Years INCOME TAX UPTO 300000 0 300001-500000 5% of (Income-300000) 500001-1000000 20% of (Income-500000)+10000 >1000000 30% of (Income-1000000)+110000 (If Income Upto 300000, No Tax) (Applicable to Residents Only) Super Senior Citizen 80 Years and More INCOME TAX UPTO 500000 0 500001-1000000 20% of (Income-500000) >1000000 30% of (Income-1000000)+100000 (If Income Upto 500000, No Tax) (Applicable to Residents Only) Tax on Income 700000 Senior Citizen Resident in India Income 300000 Tax Rate Tax 200000 700000 0% 5% 0 10000 (On Balance We Calculate 5% Till 500000 Only) (On Remaining We Calculate 20%) 50000 200000 20% 40000 (No Tax upto 300000) (Example Tax on Senior Citizen vs Super Senior Citizen Tax on Income 700000 Super Senior Citizen Resident in India Income 500000 Tax Rate Tax 700000 0% 0 40000 200000 20% 40000 (No Tax upto 500000)

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.