Tax Slabs For Senior Citizens Ay 2024-24. The personal exemption for 2024 remains at $0. Super senior citizens (aged 80 years and above) will have a higher basic exemption limit of rs 5 lakh in the old tax regime as compared to rs.
The finance act, 2020 inserted a new. The tax slabs and rates are the same for all individuals and hufs under the new regime.
The Personal Exemption For 2024 Remains At $0.
Also remember that for resident individuals who are senior citizens that are above the age of 60, the basic exemption limit is rs 3 lakh and for super senior citizens of age 80.
In Case Of Resident Individuals Who Are Senior Citizens (Ie.
For senior citizens and super senior citizens, the basic exemption limit is rs 3 lakh and rs 5 lakh, respectively.
The Tax Slabs And Rates Are The Same For All Individuals And Hufs Under The New Regime.
Images References
Income Tax Slabs And Rates For Resident.
According to the income tax act of 1961 , taxpayers between the ages of 60 and 80 are designated senior.
Budget Feb 1, 2023 (Income Tax Slab Updates) 1) Income Tax Exemption Limit Increased From Rs 2.5 Lakh To Rs 3 Lakh.
This means that people up to 60 years,.
The General Slab Rates Applicable In The Case Of An Individual Or Huf Are 5%, 20%, And 30%.