Income tax slab changes for Senior Citizens (Men and Women above 60 years of age), but below 80 years

 

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Indian Budget 2015-16, Import Customs Duty Changes, chapter wise  

Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

Service Tax Changes as per Indian Union Budget 2015-16


Budget 2015-16, Income tax slab changes for Senior Citizens aged between 60 years and 80 years



finish91 copy Indian Union Budget is being declared on 28th February, 2015. Indian Senior Citizens aged between 60 years and 80 years, but below 80 years expect a hike in income tax limit from last year figure, based on inflation rate of 2014-15 and other parameters. What would be the rate of increase in limit of income tax slab during forthcoming financial year 2015-16 for Senior Citizens (Men and Women above 60 years of age), but below 80 years? Can this income tax slab favors Senior Citizens (Men and Women above 60 years of age), but below 80 years in terms of their overall expenditure and income? A lion share of Senior Citizens aged between 60 years and 80 years anticipates a hike of income tax limit.

Let us have a look on present income tax brackets during this financial year starting from 01st April 2014 to 31st March, 2015 for Senior Citizens (Men and Women above 60 years of age), but below 80 years.

While discussing about income tax brackets for Senior Citizens aged between 60 years and 80 years, the following income tax slabs has been being applied till 31st March, 2015:

 

Income Tax slabs for Senior Citizens (Men and Women above 60 years of age), but below 80 years for th year 2014-15

Up to Rs. 2,50,000 Nil

Rs. 2,50,001 to Rs. 3,00,000 Nil

Rs. 3,00,001 to Rs. 5,00,000 10%

Rs. 5,00,001 to Rs. 10,00,000 20%

Above Rs. 10,00,000 30%

The above income tax slab is applicable for Senior Citizens (Men and Women above 60 years of age), but below 80 years.

What would be the changes in Income Tax slabs under Indian Budget 2015-16 for Senior Citizens aged between 60 yars and 80 years? Let us wait till February 28, 2015 to know more about changes in Income Tax limits for the year starts from April 2015 to 31st March, 2016.

There could be exemptions for many categories for which you may contact concerned Income Tax authorities, as I have been receiving the following queries about income tax:

What are the income tax brackets for doctors? Is there any exemption for income tax for NRIs? Income Tax benefits for consultants. What is the Income Tax exemption for donations? How to calculate the Income Tax of government employees? Does Gift Money attract income tax? What is the Income Tax slab for home loan? How to calculate income tax for joint ventures? Are Ladies eligible for Income Tax benefits? Income tax brackets for purchase of house property, How to calculate Income Tax under sale of land? Income tax exemption notification for LIC and other insurance policies, How to claim Income Tax for medical expenses?, Should minors pay income tax? What are the income tax brackets for NGOs? How Income Tax is calculated under online business? How to calculate income tax for rental income? What are the income tax benefits for retired persons? Any exemption of income tax for schools? Income Tax slabs for Trust, Are Widows eligible for exemption of Income Tax?

Share your views about income tax tariff changes for Senior Citizens (Men and Women above 60 years of age), but below 80 years in Indian Union Budget 2015-16.

 

The above information is a part of Import Export online Training


Comment your thoughts about this article on budget slab changes of Indian Budget 2015-16.

 

Click below for:    

Indian Budget 2015-16, Import Customs Duty Changes, chapter wise  


Indian Budget 2015-16, Central Excise Duty Changes, chapter wise

Service Tax Changes as per Indian Union Budget 2015-16


Also read:

Income tax slab changes for Company other than a Domestic Company     Income tax slabs changes for Domestic Company     Income Tax slabs for Local Authority under Budget 015-16     Changes in Income Tax slabs for Firm     Changes in Income Tax slabs for Co-operative Society     Changes in Income Tax slabs for Men and Women above 80 years of age     Income Tax slab changes under general category (Individual)

 

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Income tax slab changes for Senior Citizens (Men and Women above 60 years of age), but below 80 years        Income tax slab changes for Company other than a Domestic Company        Budget 2015-16, income tax slabs changes for Domestic Company       Income Tax slabs for Local Authority under Budget 015-16       Budget 2015-16, Changes in Income Tax slabs for Firm       Budget 2015-16, Changes in Income Tax slabs for Co-operative Society       Budget 2015-16, Changes in Income Tax slabs for Men and Women above 80 years of age      Budget 2015-16 Income Tax slab changes under general category (Individual)    

 

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