Home  »     »     »  What are the Income Tax Slabs and Rates for Senior Indian citizens for Financial Year 2017-2018?

What are the Income Tax Slabs and Rates for Senior Indian citizens for Financial Year 2017-2018?

Thursday, July 13, 2017

Income Tax Slab and Rates given below are for Senior Indian citizens of age 60 and above . This rates are applicable for the Financial Year 2017-2018

Senior citizens Income Tax Slab Rates
Financial Year 2017-2018
Assessment Year 2018-19





Senior citizen Income Tax Slab Rates SLAB 1

Individuals whose total income not exceeding Rs. 3,00,000 ( 3 lakhs )
They are exempted from paying income tax.



Senior citizen Income Tax Slab Rates SLAB 2

Individuals whose total income is greater than Rs. 3,00,000 but less than Rs. 5,00,000 ( 5 lakhs )
They have to pay 5% of the Income amount by which it exceeds Rs. 3,00,000.

Illustration:
If a person's total income is Rs 4,00,000.
The Income tax will be 5% of 1,00,000 (4,00,000 - 3,00,000 ). Ie, Rs 5,000.


Senior citizen Income Tax Slab Rates SLAB 3

Individuals whose total income is greater than Rs. 5,00,000 but less than Rs. 10,00,000 ( 10 lakhs )
Should pay
5% of the Rs 2,00,000. (5,00,000 - 3,00,000 )
20% of the Amount by which it exceeds Rs. 5,00,000

Illustration:
If a person's total income is Rs 7,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 2,00,000 (7,00,000 - 5,00,000 ). ie, Rs 40,000.
Total Income Tax amount he should pay is Rs 50,000.


Senior citizen Income Tax Slab Rates SLAB 4

Individuals whose total income is greater than Rs. 10,00,000 ( 10 lakhs )

They should pay
5% of Rs 2,00,000 added to
20% of Rs. 5,00,000 added to
30% of the Amount by which it exceeds Rs. 10,00,000

Illustration:
If a person's total income is Rs 11,00,000.
The Income tax will be 5% of Rs 2,00,000 (ie, Rs 10,000) added to
20% of 5,00,000 ie, Rs 1,00,000.
30% of 1,00,000 ie, Rs 30,000.
Total Income Tax amount he should pay is Rs 1,40,000.


How to reduce tax deduction on your income
Investments upto 1,50,000 is exempted from tax based on various sections of Income tax act.
Invest in mutual funds, Public provident funds, Mediclaim health care investments, Post office savings, LIC
Tuition fee of 2 children
Donations to some charities and relief funds


For Financial year 2017-18 the non taxable income for senior citizens of age above 60 years is upto Rs 3,00,000 (Rs 3 Lakhs) and Those who are of age less than 60 years are exempted from paying tax for amount upto Rs 2,50,000.


Tags:
How income tax calculated for retired people
Income tax for senior citizens in India

What is the non taxable income slab for senior citizens
Senior Indian citizen income tax payment
Sample calculation of income tax of seniors above age 60
Tax on income of seniors
income tax slabs for senior citizens
Senior Income tax rates for Financial year 2017 -2018






How to link to this page?
If you wish to link to this page from your website, simply Copy and paste the above HTML code to your web page. It will appear on your page as:
What are the Income Tax Slabs and Rates for Senior Indian citizens for Financial Year 2017-2018?.




Share this!




comments powered by Disqus

This Weeks 7 Popular Posts


Subscribe to Recent Posts by Email
Stay connected to CROZOOM with regular Email notices of new Techie articles and IT Jobs. Updates will be delivered to your Inbox as soon as they are posted online.

Enter Your Email Address:  

Delivered by FeedBurner   RSS Feed

Search this Blog   



Urgent Openings for PHP trainees, Andriod / IOS developers and PHP developers in Kochi Trivandrum Calicut and Bangalore. Please Send Your updated resumes to recruit.vo@gmail.com   Read more »