Income Tax Slab for Senior Citizen: In the Budget 2023 presented on Wednesday, Finance Minister Nirmala Sitharaman has decided to change the tax slab, giving great relief to the common taxpayers of the country. The change in tax slab has been done under the new tax regime. After the budget, many questions have arisen in the minds of senior citizens. The most common question is whether senior citizens can file their income tax returns under the tax regime. If you have this question in your mind too, then we are going to answer all your questions. Let’s know about this-
Senior citizens will get this option
Let us tell you that senior citizens will get the option of both new tax regime and old tax regime to file their income tax return. No changes have been made in this. The system of the new tax regime will appear in the default setting, which you can change according to your need. If you are filing ITR for this year i.e. Assessment Year 2023-24 or Financial Year 2022-23, the tax slabs will be the same as last year.
Tax slab for senior citizens under the new tax regime (AY 2023-24)-
- Rs 0 to 2.5 lakh – 0 percent
- Rs 2.5 to 5 lakh – 5% on income above Rs 2.5 lakh
- Rs 5 lakh to Rs 7.5 lakh – Rs 12,500 + 10% on income above Rs 5 lakh
- Rs 7.5 lakh to Rs 10 lakh – Rs 37,500 + 15% on income above Rs 7.5 lakh
- Rs 10 lakh to Rs 12.5 lakh – Rs 75,000 + 20% on income above Rs 10 lakh
- Rs 12.5 lakh to Rs 15 lakh – Rs 1,25,000 + 25% on income above Rs 12.5 lakh
- On income above Rs 15 lakh – Rs 1,87,500 + 30% on income above Rs 15 lakh
Tax Slab for Senior Citizens under Old Tax Regime (AY 2023-24)
- Rs 3 lakh – 0 percent
- Rs 3-5 lakh – 5% on income above Rs 3 lakh
- Rs 5-10 lakh – 20% on income above Rs 10,000 + Rs 5 lakh
- Above Rs 10 lakh – Rs 1,10,000 + 30% on income above Rs 10 lakh
Tax Slab for Senior Citizens under New Tax Regime (AY 2024-25)
- Rs 0-3 lakh – 0 per cent
- Rs 3-6 lakh – 5 per cent
- Rs 6-9 lakh – 10 per cent
- Rs 9-12 lakh – 15 per cent
- Rs 12-15 lakh – 20 per cent
- Above Rs 15 lakh – 30%
Let us tell you that taxpayers were waiting for a long time in the country that the government would give them tax rebate. In such a situation, in Budget 2023, Finance Minister Nirmala Sitharaman, fulfilling this demand of taxpayers, has kept people with income less than 7 lakhs out of the purview of Income Tax Slab.
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