Income Tax Slab 2023-24 for Super Senior Citizens: In Budget 2023-24, Finance Minister Nirmala Sitharaman proposed new income tax slabs and rates under the New Tax Regime. The announcement of the new tax slabs and rates under the new regime has raised several questions in the minds of taxpayers in the super senior citizen category.
For income tax return filing purposes, Super Senior Citizen is a resident individual aged 80 years or more in age at any time during the previous year. The following details will remove all confusion about the new tax slab and rates applicable to super senior citizens. (Also check: New tax slabs for senior citizens)
Tax Regime Options for Super Senior Citizens
Super Senior citizens can file their Income Tax Returns (ITR) for AY 2023-24 and beyond both under the Old Tax Regime or the New Tax Regime. As per the Government’s announcement, both options will be available to super senior citizens when they go for filing ITR for Assessment Year 2023-24. However, New Tax Regime will appear as the default regime on the e-filing website. Super senior citizens will have to change the default regime to Old Tax Regime if they want to claim the benefits of deductions under the Old Regime.
Which Tax Slab and Rate will apply for Super Senior Citizens?
If the super senior citizen is filing ITR in 2023 (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for return filing will be the same as it was in the previous year under both the old and new regimes.
From next year (i.e. for AY 2024-25), new slab rates under the New Regime will be available but the Old Regime rates and slabs will remain the same. That said, let’s have a look at the various Income tax slabs and rates for super senior citizens.
New Tax Regime Slabs and Rates for Super Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
- 0 to Rs 2.5 lakh: NIL
- Rs 2.5 to Rs 5 lakh: 5% above Rs 2.5 lakh
- Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 + 10% above Rs 5 lakh
- Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 + 15% above Rs 7.5 lakh
- Rs 10 lakh to Rs 12.5 lakh: Rs 75,000 + 20% above Rs 10 lakh
- Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 + 25% above Rs 12.5 lakh
- Above Rs 15 lakh: Rs 1,87,500 + 30% above Rs 15 lakh
Old Tax Regime Slabs and Rates for Super Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
- Up to Rs 5 lakh: Nil
- Rs 5 lakh to Rs 10 lakh: 20% above Rs 5 lakh
- Above Rs 10 lakh: Rs 1,00,000 + 30% above Rs 10 lakh
New Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2024-25 (FY2023-24)
- 0-Rs 3 lakh: Nil;
- Rs 3-6 lakh: 5%
- Rs 6-9 lakh: 10%
- Rs 9-12 lakh: 15%
- Rs 12-15 lakh: 20%
- Above Rs 15 lakh: 30%
Income Tax Calculator for Super Senior Citizens
Super Senior Citizens can use the following Income Tax Calculator to calculate their tax liability for Ay 2023-24 and beyond
Exemption from ITR filing
As per the Section 194P of the Income Tax Act (effective from April 1, 2021), senior citizens aged above 75 years are exempted from tax filing if their source of income is from pension and interest income only (from the same bank in which s/he is receiving the pension).