Tax Slabs for Senior Citizens

The Finance Minister of the Government of India announces the Union Budget every year that carries out all the important rules and regulations of the Government’s expenditure and revenue for the coming fiscal year. It is generally announced in the 1st week of February so that it can be implemented easily at the start of the financial year in April. Income tax is a part of the Union Budget that includes the tax liabilities for all the citizens of the country.

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Tax slabs for all the citizens including the senior citizens have been introduced in the Union Budget 2022. Here are some tax related details for the senior citizens of India including IT slabs for senior citizens, tax calculation, the tax deduction for senior citizens, etc. in the coming financial year of 2022 – 2023.

Senior Citizen Age for Income Tax

Just like all the other citizens of India, Senior Citizens also earn income through various sources like rents, pension, Fixed Deposits, interest on savings, etc. The income, if exceeds the income slab is taxable in the eyes of law of India.

As per the Government of India, any citizen who is above the age of 60 years in the previous year is considered as a Senior Citizen of India and hence falls under the senior citizen income tax slab.

Individuals above the age of 80 years in the previous year are considered as Super Citizens of the country. As per the Central Board of Direct Taxes, seniors and super seniors cannot be scrutinized if credible information is not present.

Senior Citizen Income Tax Slabs

Old Tax Regime	New Tax Regime u/s 115BAC
Income Tax Slab	Tax Rate	Tax Slab	Income Tax Rate
Up to Rs. 3,00,000	Nil	Up to Rs. 2,50,000	Nil
Rs. 3,00,001 – Rs. 5,00,000	5% above Rs. 3,00,000	Rs. 2,50,001 – Rs. 5,00,000	5% above Rs. 2,50,000
Rs. 5,00,001 – Rs. 10,00,000	Rs. 10,000 + 20% above Rs. 5,00,000	Rs. 5,00,001 – Rs. 7,50,000	Rs. 12,500 + 10% above Rs. 5,00,000
Above Rs. 10,00,000	Rs. 1,10,000 + 30% above Rs. 10,00,000	Rs. 7,50,001 – Rs. 10,00,000	Rs. 37,500 + 15% above Rs. 7,50,000
-	-	Rs. 10,00,001 – Rs. 12,50,000	Rs. 75,000 + 20% above Rs. 10,00,000
-	-	Rs. 12,50,001 – Rs. 15,00,000	Rs. 1,25,000 + 25% above Rs. 12,50,000
-	-	Above Rs. 15,00,000	Rs. 1,87,500 + 30% above Rs. 15,00,000

Super Senior Citizen Income Tax Slabs

Old Tax Regime	New Tax Regime u/s 115BAC
Income Tax Slab	Tax Rate	Tax Slab	Income Tax Rate
Up to Rs. 5,00,000	Nil	Up to Rs. 2,50,000	Nil
Rs. 5,00,001 – Rs. 10,00,000	20% above Rs. 5,00,000	Rs. 2,50,001 – Rs. 5,00,000	5% above Rs. 2,50,000
Above Rs. 10,00,000	Rs. 1,00,000 + 30% above Rs. 10,00,000	Rs. 5,00,001 – Rs. 7,50,000	Rs. 12,500 + 10% above Rs. 5,00,000
-	-	Rs. 7,50,001 – Rs. 10,00,000	Rs. 37,500 + 15% above Rs. 7,50,000
-	-	Rs. 10,00,001 – Rs. 12,50,000	Rs. 75,000 + 20% above Rs. 10,00,000
-	-	Rs. 12,50,001 – Rs. 15,00,000	Rs. 1,25,000 + 25% above Rs. 12,50,000
-	-	Above Rs. 15,00,000	Rs. 1,87,500 + 30% above Rs. 15,00,000

Income Tax Calculation for Senior Citizens

An income tax calculator is an online financial tool that helps in the calculation of approximate income tax liability an individual is liable to pay at the end of a financial year to the Government of India as taxes. There are many financial websites and aggregators online that helps in the easy calculation of income tax with the help of a tax calculator by providing income details in the previous financial year.

Some important details provided by the senior citizen taxpayers for tax calculations include:

Income in the financial year
Deductions, if any
House Rent Allowance (HRA) exemptions, if any
Bonus
TDS details
Other sources of income
Fixed allowances, etc.

Income Tax Filing for Senior Citizens

To claim returns, all the senior citizens of the country must file income tax returns. For the senior citizens, the following ITR forms (Income Tax Return) needs to be duly filled:

ITR 1:

Includes individual residents below Rs. 50 lakhs income from:
- Salaried Person or income tax for senior citizen pensioners
- 1 house property income
- Other income sources
ITR 2:

Includes income from:
- ITR-1 income of more than Rs. 50 lakhs
- House property exceeding 1
- Capital gains
- Income from a foreign country
- Other income sources

Income Tax Benefits for Senior Citizens

There are several benefits offered to senior citizens and super senior citizens like fewer deductions in TDS, a higher limit of deduction as compared to citizens before 60 years of age, and non-filing of ITR. Additional benefits offered to senior citizens are as follows:

Senior citizens above the age of 80 (or super citizens) have the liberty to file the Income Tax Return form offline as well.
ITR-1 form and ITR-4 form can be filed online as well.
Mandatory payment of Advance Tax if the liability of the previous financial year exceeds Rs. 10,000 is mandatory under Section 207 of the Income Tax Act. However, Section 207 offers an income tax exemption for senior citizens and super seniors if their tax liability is Rs. 10,000 and above.
Interest up to Rs. 50,000 earned in a financial year is exempted as Standard Deductions for Senior Citizens under Section 80D of the Income Tax Act, 1961. Rs. 25,000 is the limit for regular individual taxpayers of the country.
Income tax rebate for senior citizens and super citizens towards medical treatment of some particular disease (treatment includes self or of any dependent) can be claimed up to Rs. 1,00,000 under Section 80DDB. Rs. 40,000 is the limit for regular taxpayers of the country under Section80DDB.
The tax exemption limit for senior citizens and super seniors is up to Rs. 50,000 for interest income earned from banks, co-operative banks, post office, etc. under Section 80TTB of the Income Tax Act, 1961.
The basic tax exemption limit is:

Basic exemption limit for regular taxpayer id Rs. 2,50,000
Basic tax exemption limit for senior citizen is Rs. 3,00,000
Basic exemption for super seniors is Rs. 5,00,000

For senior citizens with nil or minimum deduction of TDS, form 15H can be filed requesting not to deduct TDS.

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*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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