What is the tax slab for FY 2019/20 for senior citizen?
Income Tax Slab for Senior Citizens – FY 2019-20
|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%|
What is the tax exemption limit for senior citizens in India?
Senior citizens are eligible to get deduction up to Rs 50,000 u/s 80TTB on interest earned from banks and Post Office on savings account, fixed deposits and recurring deposits. On the other hand, individuals below 60 years of age get a deduction up to Rs 10,000 only on interest on savings account u/s 80TTA.
Which is the tax slab for FY 2013-14?
Older Income tax rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below: For normal category the simple calculation is as follows Taxable Income in 10% slab maximum tax will be Rs 30000 Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000
Are there different tax slabs for senior citizens?
The tax slabs for senior citizens and super senior citizens are different than the tax slabs for normal individuals as the tax exemption limits are higher for senior citizens and super senior citizens. Here are the applicable slabs for FY 2019-20; AY 2020-21 – For senior citizens aged 60 years or more but below 80 years
Which is the last 20 years income tax slab?
Income Tax Slab of Last 20 Years From AY ‘2001–2002’ to AY ‘2021–2022’. Understanding Income Tax Slab before calculation and assessment of tax is very important for tax expert as well as a common man. Let’s begin with the bottom: Processing… Processing… Also, Read Mistake rectification under section 154 of income tax act.
Which is the income tax slab for 2013-14 in India?
Please click on the links below to view the Income Tax (also written shortly as I. tax or Inc. tax) Slabs and Rates for the Assessment Year 2013-14 (applicable on income earned during 01.04