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All about Senior Citizen Tax Slab

Income Tax Slab for Senior Citizens - FY 2019-20

The tax liabilities for senior citizens are calculated on the basis of their salary, house rent and fixed allowances, alongside other income sources.

Now, assuming that most senior citizens in India do not have a steady source of income, they are eligible for a higher exemption limit than those below 60 years of age. This exemption limit stands at up to Rs. 3 Lakh for individuals above 60 years of age.

Following is an illustration of the income tax rates for senior citizens in India:

Income Tax Slabs

Rate of Tax

Individuals with income of up to ₹3 Lakh

Not applicable

Individuals with income between ₹3 Lakh and ₹5 Lakh

5%

Individuals with income between ₹5 Lakh and ₹10 Lakh

20%

Individuals with income exceeding ₹10 Lakh

30%

There is an additional health and education cess of 4% over the applicable tax slab.

There is also an additional surcharge over the applicable tax rate for individuals with an income above Rs. 50 Lakh.

This is as follows:

  • Surcharge for individuals with a total income between Rs. 50 Lakh and Rs. 1 Crore – 10% of income tax.
  • Surcharge if the person’s total income exceeds Rs. 1 Crore – 15% of income tax.

Income Tax Slab for Senior Citizens - FY 2019-20

The tax liabilities for senior citizens are calculated on the basis of their salary, house rent and fixed allowances, alongside other income sources.

Now, assuming that most senior citizens in India do not have a steady source of income, they are eligible for a higher exemption limit than those below 60 years of age. This exemption limit stands at up to Rs. 3 Lakh for individuals above 60 years of age.

Following is an illustration of the income tax rates for senior citizens in India:

Income Tax Slab for Super Senior Citizens - FY 2019-20

Similar to tax liability on senior citizens, the tax on individuals above 80 years of age is also calculated on the basis of income generated from various sources like pension, interest on savings, fixed deposits, post office schemes, reverse mortgages, etc.

Following is a table illustrating the income tax slabs for super-senior citizens in India:

Income Tax Slabs

Rate of Tax

For individuals with income of up to ₹5 Lakh

Not applicable

For individuals with income ranging between ₹5 Lakh and ₹10 Lakh

20%

For individuals with income exceeding ₹10 Lakh

30%

There is an additional 4% health and education cess applicable over these tax slabs for super senior citizens.

Additionally, super-senior citizens with an income exceeding Rs. 50 Lakh per annum will also have to pay a surcharge over their applicable tax rates.

The surcharge is as follows:

  • Surcharge for individuals with a total annual income between Rs. 50 Lakh and Rs. 1 Crore - 10% of their income tax.
  • Surcharge for individuals with an annual income exceeding Rs. 1 Crore - 15% of their income tax.

Income Tax Rebate for Senior Citizens and Super Senior Citizens

Income Tax Exemptions for Senior and Super Senior Citizens - Union Budget 2018-19

Income Tax Benefits for Senior and Super Senior Citizens in India

FAQs about Income Tax Slab for Senior Citizens