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IT Slab Comparison: General Citizens vs. Senior Citizens (60+)

T S Khurana |391 Answers |Ask -Follow

Tax Expert - Answered on Oct 15, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by HMP on Oct 13, 2024Hindi

Money

Sir, Please give comparison between IT slab of Rs. 3 laks now common for General Citizens Vs Senior Citizens of 60+ years.

Ans: Kindly note the following difference :
01. IT Slab of Rs.3.00 lakhs for Senior Citizens is under OLD Tax Regime.
02. IT Slab of Rs.3.00 lakhs for General Citizens is under NEW Tax Regime.
Please note that under new regime, basic exemption limit of Rs.3.00 lakhs is for all Resident Individuals, irrespective of age.
Most welcome for any further clarifications. Thanks.

Asked on - Oct 15, 2024 | Answered on Oct 18, 2024

Any Standard deduction available for Senior Citizen of 60+ under new or old IT system.

Ans: 01. There is no Standard Deduction, specifically for Senior Citizens.
02. In case of Salary Income it is Rs.75,000.00, under new regime & Rs.50,000.00 under old regime. Please note that it is for all assesses (may be Senior Citizen or otherwise below 60 years of age).
Most welcome for any other clarification. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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