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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 06, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by Subramani on Feb 02, 2023Hindi

Money

Sir, What is the tax slab for senior citizens and a super senior citizen under the old regime vis a vis the new regime of tax?

Ans: Old Tax Regime - For Senior Citizen

Income Tax Slab Income Tax Rates

Upto Rs. 300,000 Nil
Rs. 300,001 - Rs. 500,000 5% above Rs. 300,000
Rs. 500,001 - Rs. 10,00,000 Rs. 10,000 + 20% above Rs. 500,000
Above Rs. 10,00,000 Rs. 110,000 + 30% above Rs. 10,00,000

Old Tax Regime - Super Senior Citizen

Income Tax Slab Income Tax Rates

Upto Rs. 500,000 Nil
Rs. 500,001 - Rs. 10,00,000 20% above Rs. 500,000
Above Rs. 10,00,000 Rs. 100,000 + 30% above Rs. 10,00,000

New Tax Regime - Senior Citizen & Super Senior Citizen

Income Tax Slab Income Tax Rates

Up to Rs. 3,00,000 Nil
Rs. 3,00,001 - Rs. 6,00,000 5% above Rs. 3,00,000
Rs. 6,00,001 - Rs. 9,00,000 Rs. 15,000 + 10% above Rs. 6,00,000
Rs. 9,00,001 - Rs. 12,00,000 Rs. 45,000 + 15% above Rs. 9,00,000
Rs. 12,00,001 - Rs. 15,00,000 Rs. 90,000 + 20% above Rs. 12,00,000
Above Rs. 15,00,000 Rs. 1,50,000 + 30% above Rs. 15,00,000

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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Question by Mugalur - Mar 24, 2023Hindi

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1) Sir, I am a Super Senior citizen 81years aged I have heard that for 2023-24 year for 5 lakhs to 7 lakhs income I T is 20% in excess of net income of 5 lakhs under old tax regime. Is this position correct 2) whether under this scheme deductions such as Std dedcn, 50,000 Disability rebate ,75,000 health ins premium i 20,000 is available . Requet you kindly to clarify @ the earliest

Ans: Dear Mr. Mugalur
The slab rate under the old tax regime for super senior citizen has not been changed and remain at 20% for income in the range of Rs. 5 Lakhs above to Rs. 10 Lakhs.

In case you are opting for the old tax regime all deductions that were available earlier are still available to you but that would not be the case if you opt for the new tax regime, where the deductions stated by you will not be available

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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