SLAB RATE for senior citizen
shailesh kumar (25 Points)
22 January 2020
what will be the slab rate for senior citizen AY 2020-21.
2 Replies
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 22 January 2020
Slab rate for senior citizen for AY 2020-21 (FY 2019-20) shall be following :
Income 0 - 3,00,000 - No tax
3,00,001 - 5,00,000 - 5%
5,00,001 - 10,00,000 - 20%
Above 10,00,000 - 30%
Additional 4% cess on above tax.
Note, if total income is below Rs. 5,00,000/- then there will be No tax because of rebate. If income exceeds Rs. 5,00,000/- then you cannot avail rebate and you will be taxed as per above slab rates.
Chandran Nallur Krishnaswamy
(39 Points)
Replied 22 January 2020
Very senior citizens over 80 years will have to pay tax only on income above ₹5,00,000. No tax up to ₹500000. The taxation rates are as above.
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