What is the income tax slab for AY 2021/22 for senior?
What is the income tax slab for AY 2021/22 for senior?
Income Tax Slab between 60-80 years (Senior Citizen)
| Income Tax slabs | Tax Rate |
|---|---|
| Above Rs.5.00 lakh – Rs.10 lakh | 20% of the total income that is more than Rs.5 lakh + Rs.10,500 + 4% cess |
| Above Rs.10 lakh | 30% of the total income that is more than Rs.10 lakh + Rs.1,10,000 + 4% cess |
What is the old tax slab for 2020 21?
Tax Slab for Individuals below 60 Years of Age
| Income range per annum | New Slabs for FY 2020-21, AY 2021-22 | Old Slabs, mandatory upto FY 2019-20 and optional from FY 2020-21 |
|---|---|---|
| Upto ₹ 2.50 Lakh | No Tax | No tax |
| Above ₹ 2.50 Lakh to ₹ 5 Lakh | 5% | 5% |
| Above ₹ 5 Lakh to ₹ 7.50 Lakh | 10% | 20% |
| Above ₹ 7.50 Lakh to ₹ 10 Lakh | 15% | 20% |
What is the tax slab for 2021 2022?
Tax Slabs for AY 2021-22
| Existing Tax Regime | New Tax Regime u/s 115BAC | |
|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab |
| Up to ₹ 3,00,000 | Nil | Up to ₹ 2,50,000 |
| ₹ 3,00,001 – ₹ 5,00,000 | 5% above ₹ 3,00,000 | ₹ 2,50,001 – ₹ 5,00,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 5,00,001 – ₹ 7,50,000 |
How much amount of FD interest is tax free for senior citizens?
In the Union Budget 2018, Finance Minister Arun Jaitley announced tax exemption in interest income up to Rs. 50,000 for senior citizens. It means senior citizens will not have to pay any taxes on FD interest earned up to Rs. 50,000.
Do seniors have to pay taxes?
When seniors must file For tax year 2021, unmarried seniors will typically need to file a return if: you are at least 65 years of age, and. your gross income is $14,250 or more.
Is senior citizen exempted from income tax?
Under the measure, senior citizens—or those aged 60 years old and above—who are still under continued employment shall be exempted from the payment of income tax. The tax exemption also covers holiday pay, overtime pay, night shift differential pay, and hazard pay.
