I am recently retired after 60 years of age. Please inform how much I have to pay tax on the following:

1. I invested Rs 45 lakhs in FD and am earning interest of approximately Rs 25,000 per month.

2. I have nominal pension of Rs 2,090 per month.

So, how much tax is applicable to me as a senior citizen?

Please clarify.

Ans: Currently, your taxable income without deduction comes to Rs 12 lakhs. Shares STCG and LTCG is not added to the income. These are separately taxed.

After deductions, the taxable income would be Rs 10 lakhs (if 80C and 80D is fully claimed. 80CCB comes under 80C).

In this case, you still have to pay tax. Your tax liability would be around Rs 1.1 lakhs.

 

Ans: The old regime will be better for you, also considering the super senior tax slabs under the old tax regime.

Ans: As per the income tax laws in India for the financial year 2022-23, if your income from all sources, including interest income from fixed deposits, exceeds Rs. 2.5 lakhs, you are required to file an income tax return.

In your case, your interest income from fixed deposits is Rs. 6 lakhs per year, which is above the basic exemption limit of Rs. 2.5 lakhs. Therefore, you will have to pay tax on the amount that exceeds the exemption limit.

The tax rate applicable to your income would depend on your total income, including any deductions you may be eligible for. For senior citizens (individuals aged 60 years or more), there are higher basic exemption limits available. For the financial year 2022-23, the basic exemption limit for senior citizens is Rs. 3 lakhs.

Regarding your medical insurance premium, you may be eligible for a deduction under section 80D of the Income Tax Act, up to Rs. 50,000 if you are a senior citizen. This deduction can be claimed from your taxable income, reducing your tax liability.

Ans: Senior citizen earning interest income from FDs/Dividend Income of Rs.6 lacs and eligible for deduction of Rs.1 lac on mediclaim; is not likely to pay any tax as income upto 5 lacs is eligible for rebate upto 10,000.

You can cross check https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

Ans: Your income for the year 2025-26 seems to be as under :
Pension - Rs.6,25,000.00.
Interest FDRs (Estimated @ 8%) - Rs.2,64,000.00.
Income from MFs - Nil
TOTAL Rs.8,89,000.00.
Since you are not selling your MFs, so no Income would be there from MFs.
If we file your ITR under New Tax Regime, there will not be any tax payable, as it will be covered under Tax Rebate (u/s 87-A).
Most welcome for any further clarifications. Thanks.