9 Things To Know About Senior Citizen Tax Slabs Under Old & New Regimes

First Slab

Under the old regime, there is no tax liability on income up to Rs 3 lakh whereas the limit in the new regime is up to Rs 2.5 lakh.

Second Slab

The old regime levies a 5% tax on incomes of Rs 3-5 lakh; in the new regime, the same rate applies to incomes of Rs 2.5-5 lakh.

Third Slab

For income over Rs. 5 lakh to Rs. 10 lakh, the tax rate is Rs. 10,000 plus 20% above Rs. 5 lakh in the old regime; in the new regime, taxation over Rs. 5 lakh up to Rs.7.5 lakh is Rs. 12,500 plus 10 per cent above Rs. 5 lakh.

Fourth Slab

For above Rs. 10 lakh, the tax rate is Rs 1.1 lakh plus 30% of the amount above Rs. 10 lakh in the old regime. In the new, for income over Rs. 7.5 lakh up to Rs 10 lakh is Rs. 37,500 plus 15 per cent above Rs. 7.5 lakh.

Last Slab For Old Regime

The old regime charges a 10-37% tax on income over Rs 50 lakh, subject to marginal relief.

Addition To New Regime

Under the new regime, the taxation on Rs 10-12.5 lakh is Rs 75,000 plus 20 per cent above Rs. 10 lakh.

2nd Addition To New Regime

The tax rate for incomes exceeding Rs. 12.5 lakh to Rs. 15 lakh is Rs. 1.25 lakh plus 25% above Rs. 12.5 lakh.

Final Slab Of New Regime

Under the new regime, the tax rate for incomes above Rs. 15 lakh is Rs. 1,87,500 plus 30 per cent above Rs. 15 lakh.

Surcharge

There is also a health and education cess, which is 4% of income tax plus a surcharge.

Compiled By Himani Verma