Income Tax Slab 2020-21, FY (Assessment year 2021-22), Super Senior Citizens, 80 years old or more
The Union Budget for financial year 2020-21 will be presented in the parliament by Union Finance Minister Nirmala Sitharaman on February 1. The Union Budget 2020 will be presented in parliament around 11 am on February 1. Usually the duration to present the Union Budget is 90 to 120 minutes. Till 2016, the Union Budget was presented on the last working day of February. Former finance minister Arun Jaitley changed the tradition in 2017 when he presented the Budget on February 1.
Income tax department launched e-assessment facility in October,2019. The scheme is part of the government’s efforts to reduce human discretion in the assessment and scrutiny of tax returns that in turn could help eliminate possibilities of corruption.
As per Indian Budget 2020-2021:
Income Tax rate slab of 2020-2021 (Assessment year 2021-22) for Super Senior Citizens, 80 years old or more.
The following details explain about Income Tax payable by a resident individual Super Senior Citizens, 80 years old or more for the financial year 2020-21 (AY 2021-22):
Every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,The rate of Income Tax payable for Super Senior Citizens, 80 years old or more.
As per Indian Budget 2020-21, there is no change in the minimum threshold limits of Income Tax Exemptions from the last assessment year. There is no change in the rate (4%) of health & education cess for all categories of Taxpayers.
The assessee will be given two regime to select from
1. New tax regime with no deductions no exemptions
2.Old tax regime with deductions and exemptions
New tax regime
Super Senior Citizen (Age 80 years and above)
|
Income Slabs
|
Tax rate
|
|
Upto Rs. 5 lakh
|
Nil
|
|
5 lakh to 7.5 lakh
|
10%
|
|
7.5 lakh to 10 lakh
|
15%
|
|
10 lakh to 12.5 lakh
|
20%
|
|
12.5 lakh to 15 lakh
|
25%
|
|
Above 15 lakh
|
30%
|
Old tax regime
Super Senior Citizen (Age 80 years and above)
|
Income Slabs
|
Tax rate
|
|
Upto Rs. 5 lakh
|
Nil
|
|
5 lakh to 10 lakh
|
20%
|
|
Above 10 lakh
|
30%
|
The above details are about Income Tax Slab for Financial year 2020-2021. The assessment year for the said Income Tax Slab is 2021-22 for Super Senior Citizens, 80 years old or more .Would you like to comment about Income Tax payable by Super Senior Citizens, 80 years old or more . Discuss your thoughts below about Income Tax payable tariff rate as per Budget 2020-2021 for Super Senior Citizens, 80 years old or more.