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Income Tax Slabs for Senior and Super Senior Citizens

Income Tax Slabs for Senior and Super Senior Citizens

For FY 2014.15 and FY 2015.16

IT 1

 

1. Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1935 but before 1st April 1955)

Income Tax Slabs for Senior and Super Senior Citizens

Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 3,00,000/-.NIL
ii.Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.Where the taxable income exceeds Rs. 10,00,000/-Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

 Income Tax Slabs for Senior and Super Senior Citizens

Surcharge : 10% (in FY 2014.15 and 12% in FY 2015.16) of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax

Income Tax

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Income Tax Slabs for Senior and Super Senior Citizens

2.    Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1935)

Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 5,00,000/-.NIL
ii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii.Where the taxable income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 10% (in FY 2014.15 and 12% in FY 2015.16) of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Slabs for Senior and Super Senior Citizens

 Income Tax Slabs for Senior and Super Senior Citizens

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