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Tax Slab for Senior Citizen AY 2023-24

Ram (Engineer) (98 Points)

05 February 2023

I understand there is a drastic change in the Income Tax as per the new budget (2023), recently announced. It is not clear how this is going to impact Senior Citizens like me.

Kindly enlighten me - what is the tax slab, are there no usual deductions, like, 80C, 80TTB, 80D etc.? Is there no point in opening SCSS Post Office Deposits, Mutual Funds, offering donations etc.?

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 05 February 2023

All the changes proposed would be effective from AY 2024-25, i.e. FY 2023-24.

You can continue with old tax regime as prevailing now, if you wish to invest more in exemption schemes.

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Ismail Khan (14 Points)
Replied 06 February 2023

There is new scheme and old scheme, both available at the option of the tax payer. You can claim all the deductions under old scheme, and invest in post office deposits and other investments now.
But I would suggest to see under which regime are you getting a lower tax, go for that and then accordingly make the decision to invest or not.
You can reach out to me at pathans.8910 @ gmail.com

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sabyasachi mukherjee (27574 Points)
Replied 06 February 2023

Mailnyour details to admin @ easyaccountingaudittax.co.in

MPR Sanjay Kumar (3118 Points)
Replied 06 February 2023

@ honourable Dhirajlal Lal sir ,

as per Accounting and finance concept whatever ends having closing balance that is the opening balance of next year it's very clear for me...

... for an example if I am having opening stock rupees 10 lakh my purchases is 3 lakh and my sales is 4 lakh so the closing stock will be 9 lakh this is correct assumption

some people's making Trading account closing stock is more than opening stock.. this is correct manner???

could you please guide me the opening stock closing stock as per Accounting how we should have to show in final accounts

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177896 Points)
Replied 06 February 2023

"...for an example if I am having opening stock rupees 10 lakh my purchases is 3 lakh and my sales is 4 lakh so the closing stock will be 9 lakh this is correct assumption..."

NOT CORRECT. HERE THE CLOSING STOCK IS TAKEN AT ACTUAL LYING ON THE SHELF.

IF YOU TAKE IT AS 9 LAKHS, THERE WOULD NOT BE ANY PROFIT.

"... some people's making Trading account closing stock is more than opening stock.. this is correct manner???"

CLOSING STOCK IN ACTUAL MAY BE MORE, SO WHATEVER IS ACTUAL THAT IT TAKEN, IT MAY BE MORE OR LESS THEN OPENING STOCK.

ONLY THING IS CLOSING STOCK OF ANY YEAR (IS CARRIED FORWARD) IS SAME AS OPENING STOCK OF NEXT FINANCIAL YEAR. (BOUGHT FORWARD)

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MPR Sanjay Kumar (3118 Points)
Replied 06 February 2023

@ honourable Dhirajlal sir,

Opening stock+ purchases- sales= closing stock

Iam I right this formula we can use