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Income Tax Slabs for Senior Citizens

Income Tax Slabs for Senior Citizens

Your income shall be taxed according the the income tax slabs mentioned below. The income tax rates are mostly revised every year during the Budget.

Latest Income Tax Slabs for FY 2015-16

FY 2015-16 tax rate applies to income earned between April 2015 and March 2016. Tax rates remain unchanged from last year.

 

Income Tax Rates for taxpayers under 60 years of age in FY 2014-15 and FY 2013-14

Tax SlabFY 2014-15
Tax Rate
Tax SlabFY 2013-14
Tax Rate
Up to Rs.2,50,000No TaxUp to Rs.2,00,000No Tax
Rs.2,50,000 – Rs.5,00,00010%Rs.2,00,000 – Rs.5,00,00010%
Rs.5,00,000 – Rs.10,00,00020%Rs.5,00,000 – Rs.10,00,00020%
Rs.10,00,000 and beyond30%Rs.10,00,000 and beyond30%
Surcharge: 10% of the Income Tax, where total income exceeds Rs.1 crore.
Education cess: 3% on sum of total income tax and surcharge.

Rohit’s total taxable income for FY 2015-15 is Rs.8,00,000. How will the tax slabs be applied to him?

Income up to Rs.2,50,000Nil
Income between Rs.5,00,000 – Rs.2,50,00010% of (Rs.5,00,000 – Rs.2,50,000) = Rs.25,000
Income between Rs.10,00,000 – Rs.5,00,00020% of (Rs.8,00,000 – Rs.5,00,000) = Rs.60,000
TotalRs. 85,000
Education Cess
(3% on sum of total income tax)
Rs.2,550
Tax PayableRs. 87,550

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Income Tax Slabs for Senior Citizens

Income Tax Rates for those above 60 years of age

Income Tax Rates for taxpayers under 60 years of age in FY 2015-16, FY 2014-15 and FY 2013-14

Tax SlabFY 2015-16
FY 2014-15
Tax Rate
Tax SlabFY 2013-14
Tax Rate
Up to Rs.2,50,000No TaxUp to Rs.2,00,000No Tax
Rs.2,50,000 – Rs.5,00,00010%Rs.2,00,000 – Rs.5,00,00010%
Rs.5,00,000 – Rs.10,00,00020%Rs.5,00,000 – Rs.10,00,00020%
Rs.10,00,000 and beyond30%Rs.10,00,000 and beyond30%
Surcharge: 10% of the Income Tax, where total income exceeds Rs.1 crore.
Education cess: 3% on sum of total income tax and surcharge.

The minimum tax exemption limit for super senior citizens — those who are 80 years or older — is at Rs.5,00,000.

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Income Tax Slabs

 

 

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