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New IT regime

11 July 2021

I want to know if Std deduction of Rs.50,000 and benefit of section 80TTB are available to a resident senior citizen under new tax regime.

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8 Replies

Chand Basha (128 Points)
Replied 11 July 2021

Yes , both deduction are available for sr citizens of Indian residence.

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U.K. BHATIA (Taxation Officer) (102 Points)
Replied 11 July 2021

No deduction available

Devanathan M (Retired) (53 Points)
Replied 11 July 2021

The new Tax Regime is uniformly applicable to all eligible individual assessees who opt for it.. There is no special provision or distinction made to Senior citizens.

No deduction such as Standard deuction, Professional Tax, Entertainment Allowance on Salaries/pension.is admissible.

Likewise no deductions under Chapter VI such as80C,80D, 80E and so on - except Section 80CCD(2) and 80JJAA - will be admissible. So no deduction under80TTA or 80TTB will be admissible.

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Amit Kumar Das (Retd) (236 Points)
Replied 11 July 2021

Please keep it in mind that I wanted to know if these benefits of std deduction and section 80TTB are available to a resident senior citizen under the new tax regime. I know those were available under old tax regime and I got those benefits last year when I filed ITR-1 for FY 2019-20 (AY 2020-21)

This year FY 2020-21 (AY 2021-22) I want to calculate my tax liabilities under both old and new regime for comparison.

That is why I wanted to know whether those benefits are available under new regime also.

Kindly, clarify.

Devanathan M (Retired) (53 Points)
Replied 11 July 2021

Under the old regime a senior citizen (above 60 ) will be eligible for Standard deduction and 80TTB deduction. So you can take these deductions in the Tax calculation. according to the Tax Slab for Senior citizens.

Under the new regime Standard deduction and 80TTB is not available for Senior citizens. So you have to omit these two and calculate your tax according to the Tax Slab for the new Tax regime. ( There is no seperate tax slab for Senior Citizens in the new tax regime. It is the same for all individuals including Senior citizens)