What is Tax Rate on Senior Citizens (FY 2019-20,AY 2020-21)

Transcript

Tax on Senior Citizens Normal Citizen less than 60 years Senior Citizen 60 Years-80 Years INCOME TAX UPTO 250000 0 250001-500000 5% of (Income-250000) 5000001-1000000 20% of (Income-500000)+12500 >1000000 30% of (Income-1000000)+112500 INCOME TAX UPTO 300000 0 300001-500000 5% of (Income-300000) 500001-1000000 20% of (Income-500000)+10000 >1000000 30% of (Income-1000000)+110000 (If Income Upto 250000, No Tax) (If Income Upto 300000, No Tax) (Applicable to Residents Only) (Applicable to All Tax on Income 700000 Normal Citizen Income 250000 Tax Rate Tax 0% 250000 5% 500000 0 12500 52500 Tax on Income 700000 Senior Citizen Resident in India Income 300000 Tax Rate Tax 200000 700000 0% 5% 0 10000 (On Balance We Calculate 5% Till 500000 Only) (On Remaining We Calculate 20%) 50000 (No Tax upto 250000) 200000 20% 40000 200000 20% 40000 (On Remaining We Calculate 20%) (No Tax upto 300000) (Example Tax on Senior Citizen vs Super Senior Citizen (No Tax upto 300000)