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.
Other related posts:
Who is a very Senior Citizen under Income Tax rules India?
Who is a senior citizen under Income Tax rules India?
Financial Year under Income Tax rules
Assessment year as per Income Tax rules in India
Income Tax Slabs in India for the year 2016-17
Income Tax Slab for Individuals for the year 2016-17
Income Tax Slab for India citizens aged above 80 years
Income Tax slab for Senior Citizens for current year
Difference between Senior Citizen and Very Senior Citizen
Difference between Assessment year and Financial year
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