Income tax slab for senior citizens for ay 2023-24

Income Tax Slabs FY 2022-23 (AY 2023-24) For Individuals Below 60 Years, NRIs And HUFs Net Taxable Income New Tax Regime Old Tax Regime Upto Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 5 lakh 5% 5% Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% For Senior Citizens (Above 60 Years But Below 80 Years) Net Taxable Income New Tax Regime Old Tax Regime Up to Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 3 lakh 5% Exempt Rs 3,00,001 to Rs 5 lakh 5% Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% For Super Senior Citizens (80 Years Or More) Net Taxable Income New Tax Regime Old Tax Regime Up to Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 5 lakh 5% Exempt Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% You May Also Like

Introduction This article will illustrate the different types of income tax slabs that are applicable on different categories of persons. Learn here about the income tax slab rates for AY 2023-24 applicable on individuals below 60 years/NRI/HUF and on senior citizens who are above 60 but below 80 years and the IT slab eligible for super senior citizens who are 80 years of age. Thus, Income Tax Return being necessary compliance for every earning person mandates every Income Taxpayer to have full knowledge of the income tax slab they are in. Therefore, here is the article presented before you informing you about the Income Tax Slab Rates for Assessment Year 2023-24. IT Slab Rates for individuals, NRI and HUFs Net Taxable Income New Income Tax Slab Rate F.Y 2022-23 Up to Rs. 2.5 Lakh Exempt Rs. 2,50,001 to Rs. 5 Lakh 5% Rs. 5,00,001 to Rs. 7.5 Lakh 10% Rs. 7,50,001 to Rs. 10 Lakh 15% Rs. 10,00,001 to Rs. 12.5 Lakh 20% Rs. 12,50,001 to Rs. 15 Lakh 25% Over Rs. 5 Lakh 30% This is the list of Income Tax Slab Rates for A.Y 2023-24 for all the individuals who are residents aged less than 60 years. Hindu Undivided Family (HUF), Non-Resident Indians (NRIs). IT Slab Rates for Senior Citizens Net Taxable Income New Income Tax Slab Rate F.Y 2022-23 Up to Rs. 2.5 Lakh NIL Rs. 2,50,001 to Rs. 3 Lakh 5% Rs. 3,00,001 to Rs. 5 Lakh Rs. 5,00,001 to Rs. 7.5 Lakh 10% Rs. 7,50,001 to Rs. 10 Lakh 15% Rs. 10,00,001 to Rs. 12.5 Lakh 20% Rs. 12,50,001 to Rs. 15 Lakh 25% Over Rs. 15 Lakh 30% In the ...

Income Tax Slab 2023-24 for Super Senior Citizens: In Budget 2023-24, Finance Minister Nirmala Sitharaman proposed new income tax slabs and rates under the New Tax Regime. The announcement of the new tax slabs and rates under the new regime has raised several questions in the minds of taxpayers in the super senior citizen category. For income tax return filing purposes, Super Senior Citizen is a resident individual aged 80 years or more in age at any time during the previous year. The following details will remove all confusion about the new tax slab and rates applicable to super senior citizens. (Also check: Tax Regime Options for Super Senior Citizens Super Senior citizens can file their Income Tax Returns (ITR) for AY 2023-24 and beyond both under the Old Tax Regime or the New Tax Regime. As per the Government’s announcement, both options will be available to super senior citizens when they go for filing ITR for Assessment Year 2023-24. However, New Tax Regime will appear as the default regime on the e-filing website. Super senior citizens will have to change the default regime to Old Tax Regime if they want to claim the benefits of deductions under the Old Regime. Income Tax Return (ITR) e-filing for AY 2023-24: ITR-1, ITR-4 enabled filing in online mode Which Tax Slab and Rate will apply for Super Senior Citizens? If the super senior citizen is filing ITR in 2023 (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for return filing will be the same ...

As per Income Tax Act, 1961, senior citizen is an Indian resident whose age is 60 years or more but less than 80 years. While a super senior citizen is an Indian resident whose age is 80 years or more. This article briefly explains all the income tax provisions applicable to the resident senior citizen and super senior citizen. Income Tax Act has categorized resident individuals into 3 parts- • Individuals whose age is up to 60 years • Senior citizens - Individuals whose age is 60 to 80 years • Super senior citizens - Individuals over 80 years of age Income Tax Slab For Senior Citizen Senior citizens over 60 years of age have an option to pay the tax as per the old or new tax regime. A new tax regime is introduced by the central government via Finance Act, 2020, whereby concessional tax rates are introduced which is explained in the later part of the article. However, non resident senior citizens are not eligible for the below mentioned tax slabs as the normal provisions of income tax are applicable to them. As per old tax regime, the income tax slab rates for senior citizen for FY 2022-23 are as follows- Income slab (in Rs.) Income tax rate Up to Rs. 3,00,000 Nil 3,00,001 to 5,00,000 5% of income over Rs. 3,00,000 5,00,001 to 10,00,000 Rs. 10,000 + 20% of income over Rs. 5,00,000 Above 10,00,000 Rs. 1,10,000 + 30% of income over Rs. 10,00,000 Income Tax Slab For Super Senior Citizen Super senior citizens over 80 years of age can also avail the benefit of old and new tax r...

Income Tax Slab 2023-24 for Super Senior Citizens: In Budget 2023-24, Finance Minister Nirmala Sitharaman proposed new income tax slabs and rates under the New Tax Regime. The announcement of the new tax slabs and rates under the new regime has raised several questions in the minds of taxpayers in the super senior citizen category. For income tax return filing purposes, Super Senior Citizen is a resident individual aged 80 years or more in age at any time during the previous year. The following details will remove all confusion about the new tax slab and rates applicable to super senior citizens. (Also check: Tax Regime Options for Super Senior Citizens Super Senior citizens can file their Income Tax Returns (ITR) for AY 2023-24 and beyond both under the Old Tax Regime or the New Tax Regime. As per the Government’s announcement, both options will be available to super senior citizens when they go for filing ITR for Assessment Year 2023-24. However, New Tax Regime will appear as the default regime on the e-filing website. Super senior citizens will have to change the default regime to Old Tax Regime if they want to claim the benefits of deductions under the Old Regime. New Tax Regime Calculator 2023-24: How much tax you will have to pay on Rs 9 to Rs 15 lakh income Which Tax Slab and Rate will apply for Super Senior Citizens? If the super senior citizen is filing ITR in 2023 (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for return filing will be the...

As per Income Tax Act, 1961, senior citizen is an Indian resident whose age is 60 years or more but less than 80 years. While a super senior citizen is an Indian resident whose age is 80 years or more. This article briefly explains all the income tax provisions applicable to the resident senior citizen and super senior citizen. Income Tax Act has categorized resident individuals into 3 parts- • Individuals whose age is up to 60 years • Senior citizens - Individuals whose age is 60 to 80 years • Super senior citizens - Individuals over 80 years of age Income Tax Slab For Senior Citizen Senior citizens over 60 years of age have an option to pay the tax as per the old or new tax regime. A new tax regime is introduced by the central government via Finance Act, 2020, whereby concessional tax rates are introduced which is explained in the later part of the article. However, non resident senior citizens are not eligible for the below mentioned tax slabs as the normal provisions of income tax are applicable to them. As per old tax regime, the income tax slab rates for senior citizen for FY 2022-23 are as follows- Income slab (in Rs.) Income tax rate Up to Rs. 3,00,000 Nil 3,00,001 to 5,00,000 5% of income over Rs. 3,00,000 5,00,001 to 10,00,000 Rs. 10,000 + 20% of income over Rs. 5,00,000 Above 10,00,000 Rs. 1,10,000 + 30% of income over Rs. 10,00,000 Income Tax Slab For Super Senior Citizen Super senior citizens over 80 years of age can also avail the benefit of old and new tax r...

Income Tax Slabs FY 2022-23 (AY 2023-24) For Individuals Below 60 Years, NRIs And HUFs Net Taxable Income New Tax Regime Old Tax Regime Upto Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 5 lakh 5% 5% Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% For Senior Citizens (Above 60 Years But Below 80 Years) Net Taxable Income New Tax Regime Old Tax Regime Up to Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 3 lakh 5% Exempt Rs 3,00,001 to Rs 5 lakh 5% Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% For Super Senior Citizens (80 Years Or More) Net Taxable Income New Tax Regime Old Tax Regime Up to Rs 2.5 lakh Exempt Exempt Rs 2,50,001 to Rs 5 lakh 5% Exempt Rs 5,00,001 to Rs 7.5 lakh 10% 20% Rs 7,50,001 to Rs 10 lakh 15% 20% Rs 10,00,001 to Rs 12.5 lakh 20% 30% Rs 12,50,001 to Rs 15 lakh 25% 30% Over Rs. 15 lakh 30% 30% You May Also Like

Introduction This article will illustrate the different types of income tax slabs that are applicable on different categories of persons. Learn here about the income tax slab rates for AY 2023-24 applicable on individuals below 60 years/NRI/HUF and on senior citizens who are above 60 but below 80 years and the IT slab eligible for super senior citizens who are 80 years of age. Thus, Income Tax Return being necessary compliance for every earning person mandates every Income Taxpayer to have full knowledge of the income tax slab they are in. Therefore, here is the article presented before you informing you about the Income Tax Slab Rates for Assessment Year 2023-24. IT Slab Rates for individuals, NRI and HUFs Net Taxable Income New Income Tax Slab Rate F.Y 2022-23 Up to Rs. 2.5 Lakh Exempt Rs. 2,50,001 to Rs. 5 Lakh 5% Rs. 5,00,001 to Rs. 7.5 Lakh 10% Rs. 7,50,001 to Rs. 10 Lakh 15% Rs. 10,00,001 to Rs. 12.5 Lakh 20% Rs. 12,50,001 to Rs. 15 Lakh 25% Over Rs. 5 Lakh 30% This is the list of Income Tax Slab Rates for A.Y 2023-24 for all the individuals who are residents aged less than 60 years. Hindu Undivided Family (HUF), Non-Resident Indians (NRIs). IT Slab Rates for Senior Citizens Net Taxable Income New Income Tax Slab Rate F.Y 2022-23 Up to Rs. 2.5 Lakh NIL Rs. 2,50,001 to Rs. 3 Lakh 5% Rs. 3,00,001 to Rs. 5 Lakh Rs. 5,00,001 to Rs. 7.5 Lakh 10% Rs. 7,50,001 to Rs. 10 Lakh 15% Rs. 10,00,001 to Rs. 12.5 Lakh 20% Rs. 12,50,001 to Rs. 15 Lakh 25% Over Rs. 15 Lakh 30% In the ...