Income Tax Slab and Rates given below are for Senior Indian citizens of age 60 and above . This rates are applicable for the Financial Year 2017-2018
Senior citizens Income Tax Slab Rates
Financial Year 2017-2018
Assessment Year 2018-19
Senior citizen Income Tax Slab Rates SLAB 1
Individuals whose total income not exceeding Rs. 3,00,000 ( 3 lakhs )
They are exempted from paying income tax.
Senior citizen Income Tax Slab Rates SLAB 2
Individuals whose total income is greater than Rs. 3,00,000 but less than Rs. 5,00,000 ( 5 lakhs )
They have to pay 5% of the Income amount by which it exceeds Rs. 3,00,000.
Illustration:
If a person's total income is Rs 4,00,000.
The Income tax will be 5% of 1,00,000 (4,00,000 - 3,00,000 ). Ie, Rs 5,000.
Senior citizen Income Tax Slab Rates SLAB 3
Individuals whose total income is greater than Rs. 5,00,000 but less than Rs. 10,00,000 ( 10 lakhs )
Should pay
5% of the Rs 2,00,000. (5,00,000 - 3,00,000 )
20% of the Amount by which it exceeds Rs. 5,00,000
Illustration:
If a person's total income is Rs 7,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 2,00,000 (7,00,000 - 5,00,000 ). ie, Rs 40,000.
Total Income Tax amount he should pay is Rs 50,000.
Senior citizen Income Tax Slab Rates SLAB 4
Individuals whose total income is greater than Rs. 10,00,000 ( 10 lakhs )
They should pay
5% of Rs 2,00,000 added to
20% of Rs. 5,00,000 added to
30% of the Amount by which it exceeds Rs. 10,00,000
Illustration:
If a person's total income is Rs 11,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 5,00,000 ie, Rs 1,00,000.
30% of 1,00,000 ie, Rs 30,000.
Total Income Tax amount he should pay is Rs 1,40,000.
How to reduce tax deduction on your income
Investments upto 1,50,000 is exempted from tax based on various sections of Income tax act.
Invest in mutual funds, Public provident funds, Mediclaim health care investments, Post office savings, LIC
Tuition fee of 2 children
Donations to some charities and relief funds
For Financial year 2017-18 the non taxable income for senior citizens of age above 60 years is upto Rs 3,00,000 (Rs 3 Lakhs) and Those who are of age less than 60 years are exempted from paying tax for amount upto Rs 2,50,000.
Tags:
How income tax calculated for retired people
Income tax for senior citizens in India
What is the non taxable income slab for senior citizens
Senior Indian citizen income tax payment
Sample calculation of income tax of seniors above age 60
Tax on income of seniors
income tax slabs for senior citizens
Senior Income tax rates for Financial year 2017 -2018
Senior citizens Income Tax Slab Rates
Financial Year 2017-2018
Assessment Year 2018-19
Senior citizen Income Tax Slab Rates SLAB 1
Individuals whose total income not exceeding Rs. 3,00,000 ( 3 lakhs )
They are exempted from paying income tax.
Senior citizen Income Tax Slab Rates SLAB 2
Individuals whose total income is greater than Rs. 3,00,000 but less than Rs. 5,00,000 ( 5 lakhs )
They have to pay 5% of the Income amount by which it exceeds Rs. 3,00,000.
Illustration:
If a person's total income is Rs 4,00,000.
The Income tax will be 5% of 1,00,000 (4,00,000 - 3,00,000 ). Ie, Rs 5,000.
Senior citizen Income Tax Slab Rates SLAB 3
Individuals whose total income is greater than Rs. 5,00,000 but less than Rs. 10,00,000 ( 10 lakhs )
Should pay
5% of the Rs 2,00,000. (5,00,000 - 3,00,000 )
20% of the Amount by which it exceeds Rs. 5,00,000
Illustration:
If a person's total income is Rs 7,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 2,00,000 (7,00,000 - 5,00,000 ). ie, Rs 40,000.
Total Income Tax amount he should pay is Rs 50,000.
Senior citizen Income Tax Slab Rates SLAB 4
Individuals whose total income is greater than Rs. 10,00,000 ( 10 lakhs )
They should pay
5% of Rs 2,00,000 added to
20% of Rs. 5,00,000 added to
30% of the Amount by which it exceeds Rs. 10,00,000
Illustration:
If a person's total income is Rs 11,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 5,00,000 ie, Rs 1,00,000.
30% of 1,00,000 ie, Rs 30,000.
Total Income Tax amount he should pay is Rs 1,40,000.
How to reduce tax deduction on your income
Investments upto 1,50,000 is exempted from tax based on various sections of Income tax act.
Invest in mutual funds, Public provident funds, Mediclaim health care investments, Post office savings, LIC
Tuition fee of 2 children
Donations to some charities and relief funds
For Financial year 2017-18 the non taxable income for senior citizens of age above 60 years is upto Rs 3,00,000 (Rs 3 Lakhs) and Those who are of age less than 60 years are exempted from paying tax for amount upto Rs 2,50,000.
Tags:
How income tax calculated for retired people
Income tax for senior citizens in India
What is the non taxable income slab for senior citizens
Senior Indian citizen income tax payment
Sample calculation of income tax of seniors above age 60
Tax on income of seniors
income tax slabs for senior citizens
Senior Income tax rates for Financial year 2017 -2018
