Income tax slab for senior citizens AY 2019-20: Find out the tax slabs, tax rates

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Updated: March 11, 2019 9:25:43 PM

Different tax rates have been prescribed for different income tax slabs and the tax rates keep increasing with an increase in the income slab.

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The income tax slabs for senior citizens are different from other categories of taxpayers. The exemption limit and the income tax slab for senior citizen AY 2019-20, i.e. for the financial year 2018-19, is Rs 3 lakh for those between 60 and 80 years of age and Rs 5 lakh for those above 80 years of age.

Income tax in India is levied on individual taxpayers on the basis of a slab system. Different tax rates have been prescribed for different income tax slabs and the tax rates keep increasing with an increase in the income slab. Such changes in tax slabs are generally revised during every budget.

In the interim Budget 2019, for taxpayers with taxable income of up to Rs 5 lakh, a rebate of Rs 12,500 had been announced. Under Section 87A of the Income Tax Act, this rebate is available. The basic exemption limit for an individual depends on one’s age as well as one’s residential status.

Resident individual taxpayers are divided into three categories, according to age:
1. Resident individuals – Age below 60 years, which also includes residents as well as non-residents
2. Resident senior citizens – Age between 60 years and above but below 80 years
3. Resident super senior citizens – Age above 80 years

As per the current income tax slabs, taxation of income for resident individuals below 60 years with income up to Rs 2.5 lakh is exempt from tax. 5 per cent tax on income is charged for resident individuals with income between Rs 250,001 to Rs 5 lakh. 20 per cent tax is charged for resident individuals with income on income between Rs 500,001 and Rs 10 lakh, and 30 per cent tax is charged on income above Rs 10 lakh.

For senior citizens aged between 60 years to 80 years, income up to Rs 3 lakh is exempt from tax. 5 per cent tax on income from Rs 300,001 to Rs 5 lakh is charged, 20 per cent for income from Rs 500,001 to Rs 10 lakh and 30 per cent for income above Rs 10 lakh.

For super senior citizens, aged 80 years and above, income up to Rs 5 lakh are exempt from tax. 20 per cent tax on income from Rs 500,001 to Rs 10 lakh is charged at and above Rs, 10 lakh is taxed at 30 per cent.

Find the tables for latest income tax slabs for senior citizens and super senior citizens applying for the financial year 2018-19 (the assessment year 2019-20). The term financial year (FY) is the year in which you earn an income, whereas Assessment Year (AY) is the year following the FY in which the income is evaluated.

Income tax slabs for Senior Citizen resident individual (Age between 60 and 80 years)

Taxable income slabsIncome tax rates & cess
Up to Rs 3 lakhNil
Rs 3,00,001 to Rs 5,00,0005% of (Total income minus Rs 3,00,000) + 4% cess
Rs 5,00,001 to Rs 10,00,000Rs 10,000 + 20% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and aboveRs 1,10,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess


Income tax slabs for Super Senior Citizen resident individual (Age 80 years and above)

Taxable income slabsIncome tax rates & cess
Up to Rs 5 lakhNil
Rs 5,00,001 to Rs 10,00,00020% of (Total income minus Rs 5,00,000) + 4% cess
Rs 10,00,001 and aboveRs 1,00,000 + 30% of (Total income minus Rs 10,00,000) + 4% cess

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