Tax Slabs for Senior Citizens

The Finance Minister of the Government of India announces the Union Budget every year that carries out all the important rules and regulations of the Government’s expenditure and revenue for the coming fiscal year. It is generally announced in the 1st week of February so that it can be implemented easily at the start of the financial year in April. Income tax is a part of the Union Budget that includes the tax liabilities for all the citizens of the country.

Read more
Save Tax
Upto ₹46,800 Under Sec 80C
Best Tax Saving Plans
  • High Returns

    Get Returns as high as 17%*
  • Zero Capital Gains tax^

    unlike 10% in Mutual Funds
  • Save upto Rs 46,800

    in Tax under section 80 C
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Get Instant Tax Receipts
Save upto ₹46,800 in Taxes Under Section 80C
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Tax slabs for all the citizens including the senior citizens have been introduced in the Union Budget 2022. Here are some tax related details for the senior citizens of India including IT slabs for senior citizens, tax calculation, the tax deduction for senior citizens, etc. in the coming financial year of 2022 – 2023.

Senior Citizen Age for Income Tax

Just like all the other citizens of India, Senior Citizens also earn income through various sources like rents, pension, Fixed Deposits, interest on savings, etc. The income, if exceeds the income slab is taxable in the eyes of law of India.

As per the Government of India, any citizen who is above the age of 60 years in the previous year is considered as a Senior Citizen of India and hence falls under the senior citizen income tax slab.

Individuals above the age of 80 years in the previous year are considered as Super Citizens of the country. As per the Central Board of Direct Taxes, seniors and super seniors cannot be scrutinized if credible information is not present.

Senior Citizen Income Tax Slabs

Old Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Tax Rate Tax Slab Income Tax Rate
Up to Rs. 3,00,000 Nil Up to Rs. 2,50,000 Nil
Rs. 3,00,001 – Rs. 5,00,000 5% above Rs. 3,00,000 Rs. 2,50,001 – Rs. 5,00,000 5% above Rs. 2,50,000
Rs. 5,00,001 – Rs. 10,00,000 Rs. 10,000 + 20% above Rs. 5,00,000 Rs. 5,00,001 – Rs. 7,50,000 Rs. 12,500 + 10% above Rs. 5,00,000
Above Rs. 10,00,000 Rs. 1,10,000 + 30% above Rs. 10,00,000 Rs. 7,50,001 – Rs. 10,00,000 Rs. 37,500 + 15% above Rs. 7,50,000
- Rs. 10,00,001 – Rs. 12,50,000 Rs. 75,000 + 20% above Rs. 10,00,000
- - Rs. 12,50,001 – Rs. 15,00,000 Rs. 1,25,000 + 25% above Rs. 12,50,000
- Above Rs. 15,00,000 Rs. 1,87,500 + 30% above Rs. 15,00,000

Super Senior Citizen Income Tax Slabs

Old Tax Regime New Tax Regime u/s 115BAC
Income Tax Slab Tax Rate Tax Slab Income Tax Rate
Up to Rs. 5,00,000 Nil Up to Rs. 2,50,000 Nil
Rs. 5,00,001 – Rs. 10,00,000 20% above Rs. 5,00,000 Rs. 2,50,001 – Rs. 5,00,000 5% above Rs. 2,50,000
Above Rs. 10,00,000 Rs. 1,00,000 + 30% above Rs. 10,00,000 Rs. 5,00,001 – Rs. 7,50,000 Rs. 12,500 + 10% above Rs. 5,00,000
- - Rs. 7,50,001 – Rs. 10,00,000 Rs. 37,500 + 15% above Rs. 7,50,000
- - Rs. 10,00,001 – Rs. 12,50,000 Rs. 75,000 + 20% above Rs. 10,00,000
- - Rs. 12,50,001 – Rs.  15,00,000 Rs. 1,25,000 + 25% above Rs. 12,50,000
- Above Rs. 15,00,000 Rs. 1,87,500 + 30% above Rs. 15,00,000

Income Tax Calculation for Senior Citizens

An income tax calculator is an online financial tool that helps in the calculation of approximate income tax liability an individual is liable to pay at the end of a financial year to the Government of India as taxes. There are many financial websites and aggregators online that helps in the easy calculation of income tax with the help of a tax calculator by providing income details in the previous financial year.

Some important details provided by the senior citizen taxpayers for tax calculations include:

  • Income in the financial year

  • Deductions, if any

  • House Rent Allowance (HRA) exemptions, if any

  • Bonus

  • TDS details

  • Other sources of income

  • Fixed allowances, etc.

Income Tax Filing for Senior Citizens

To claim returns, all the senior citizens of the country must file income tax returns. For the senior citizens, the following ITR forms (Income Tax Return) needs to be duly filled:

  1. ITR 1:

    Includes individual residents below Rs. 50 lakhs income from:

    • Salaried Person or income tax for senior citizen pensioners

    • 1 house property income

    • Other income sources

  2. ITR 2:

    Includes income from:

    • ITR-1 income of more than Rs. 50 lakhs

    • House property exceeding 1

    • Capital gains

    • Income from a foreign country

    • Other income sources

Income Tax Benefits for Senior Citizens

There are several benefits offered to senior citizens and super senior citizens like fewer deductions in TDS, a higher limit of deduction as compared to citizens before 60 years of age, and non-filing of ITR. Additional benefits offered to senior citizens are as follows:

  • Senior citizens above the age of 80 (or super citizens) have the liberty to file the Income Tax Return form offline as well.

  • ITR-1 form and ITR-4 form can be filed online as well.

  • Mandatory payment of Advance Tax if the liability of the previous financial year exceeds Rs. 10,000 is mandatory under Section 207 of the Income Tax Act. However, Section 207 offers an income tax exemption for senior citizens and super seniors if their tax liability is Rs. 10,000 and above. 

  • Interest up to Rs. 50,000 earned in a financial year is exempted as Standard Deductions for Senior Citizens under Section 80D of the Income Tax Act, 1961. Rs. 25,000 is the limit for regular individual taxpayers of the country.

  • Income tax rebate for senior citizens and super citizens towards medical treatment of some particular disease (treatment includes self or of any dependent) can be claimed up to Rs. 1,00,000 under Section 80DDB. Rs. 40,000 is the limit for regular taxpayers of the country under Section80DDB.

  • The tax exemption limit for senior citizens and super seniors is up to Rs. 50,000 for interest income earned from banks, co-operative banks, post office, etc. under Section 80TTB of the Income Tax Act, 1961.

  • The basic tax exemption limit is:

    • Basic exemption limit for regular taxpayer id Rs. 2,50,000

    • Basic tax exemption limit for senior citizen is Rs. 3,00,000

    • Basic exemption for super seniors is Rs. 5,00,000

  • For senior citizens with nil or minimum deduction of TDS, form 15H can be filed requesting not to deduct TDS.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Income Tax articles

Recent Articles
Popular Articles
Section 80EEA - Deduction for Interest on Home Loan

05 Jun 2024

Section 80EEA of the Income Tax Act provides a significant tax
Read more
Section 80CCE of the Income Tax Act

29 May 2024

Section 80CCE of the Income Tax Act provides taxpayers with
Read more
Section 80CCC of the Income Tax

06 May 2024

Section 80CCC, part of the broader 80C category in the Income
Read more
Income Tax Proof

28 Feb 2024

Income tax proofs play an important role during tax assessment
Read more
How to Save Tax on 9 Lakhs Salary

22 Feb 2024

It is stressful to let taxes eat up your hard-earned money. This
Read more
Deductions in New Tax Regime Under Union Budget 2023-24
There are no major changes made when it comes to deductions in the new tax regime under the recent Union Budget
Read more
What is Form 16 & How to Download It
Form 16 is a significant document provided by employers in India to their employees,  which serves as proof of
Read more
Leave Encashment Tax Exemption - Section 10(10AA)
Leave Encashment Tax Exemption under Section 10(10AA) provides a significant financial benefit for employees
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL