Senior Citizen Tax Slab Ay 2024 24. In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay). There were some changes made in budget 2023 in new tax regime mentioned below.
It’s worth noting that in budget 2023, the highest surcharge rate of 37% was reduced to 25% under the new tax regime, effective from 1st april 2023. Individual taxpayers (below 60 years) earning an annual income of up to inr 2.5 lakh are exempt from paying taxes under the old tax.
Section 194P Of The Income Tax Act, 1961 Provides Conditions For Exempting Senior Citizens From Filing Income Tax Returns Aged 75 Years And Above.
If the super senior citizen is filing itr in 2023 (i.e.
Individual Taxpayers (Below 60 Years) Earning An Annual Income Of Up To Inr 2.5 Lakh Are Exempt From Paying Taxes Under The Old Tax.
This service also provides a calculation of tax under the old or new tax regime with a comparison of tax as per the old and new regime.
There Were Some Changes Made In Budget 2023 In New Tax Regime Mentioned Below.
Images References :
* In Budget 2023, The Highest Surcharge Rate Of 37% Has Been Reduced To 25% Under The New Tax Regime.
These income slabs keep changing as per the budget from year to year.
In India, Income Tax Is Calculated Using Income Tax Slabs And Rates For The Applicable Financial Year (Fy) And Assessment Year (Ay).
Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above.
