Income Tax slab for Senior Citizens for current year

 

Income Tax limit for Senior Citizens in India?


What is the present income tax limit for senior citizens in India for the current year 2016-17? Is there any exemption on income tax limit for senior citizens? Is there any rebate applicable as per section 87A of the Income Tax Act? What is the surcharge and educational cess applicable for Senior Citizens to pay Income Tax for this year?


Who is a senior citizen as per Income Tax Act of India?


A senior citizen as per Income Tax Act of India is a person who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year.


The income tax slab for senior citizens for the current year 2016-17 (Assessment year 2017-18) is as follows:


In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)


Taxable income Tax Rate

Up to Rs. 3,00,000 Nil

Rs. 3,00,000 - Rs. 5,00,000 10%

Rs. 5,00,000 - Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

Less: Rebate under Section 87A

Add: Surcharge and Education Cess


Note:

a) Surcharge: The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees).

b) Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge.

c) Secondary and Higher Education Cess: The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.

d) Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.


The above post explains Income Tax Slabs for senior citizens for the present year 2016-17 in India. Would you like to express your views about the income tax limit for senior citizens the present year 2016-17, share below your comments.

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Comments


Buddha deb Das: Dear Sir, My Gross Total Income during financial year 2016-17 relevant to the Assessment year is 9,50,790/-less under 80C&80TTA 1,60,000/-=790790/,then as a Sr.Citizen what will my Total Tax Payable on such income.When I am filled up ITR 1 my tax liability became 59790/-inclusive education cess.But as per slab rate it arises as per following : 3,00,000 Nil 3,00,000-5,00,000 i.e. 2,00,000@10% 20,000 5,00,000-10,00,000 i.e.2,50,790@20% 50,158+e.cess@3%2105-less paid 20779=51,484/- Please reply in respect of this calculation.

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