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What are the Slab Rates and Calculation for Senior citizens and super seniors

What are the Slab Rates and Calculation for Senior citizens and super seniors
A person becomes senior citizen under Income Tax Act after attaining age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year and a person whose age is 80 years he becomes super senior citizens.

Income Tax Slab Rate for Senior Citizen ( Between 60 to 80 )

Senior citizens get a extra relief from the government through the higher tax free slab. Tax free income for senior citizen is Rs 3 lakh.
Any individual having age more than 60 year but less than 80 comes under this slab rate.
Net Income Range Tax Rate Education Cess
Up to 3,00,000 Nil Nil
3,00,000 – 5,00,000 5% 2%
5,00,000 – 10,00,000 20% 2%
More than 10,00,000 30% 2%
Surcharge
10% surcharge on income tax if net income exceed Rs 50 lakh but below Rs 1 crore.
15% surcharge on income tax if net income exceed Rs 1 Crore.

Rebate under 87A

Rebate of Rs 2500 or 100% income tax ( whichever is low) for the individuals who have total income between Rs 2.5 lakh to Rs 3 lakh. In budget 2017, the rebate is reduced from Rs 5000 under 87A
Due to rebate, Senior citizen having income upto Rs 3.5 lakh have not to pay any tax.

Calculation On net income Rs 3,50,000, income tax becomes Rs 2500 ( 5% of Rs 50,000) which equal to rebate amount.

Income Tax Slab Rate for Super Senior Citizen ( Above 80 years )

The senior citizen having age more than 80 gets the highest tax free income slab. For the super senior citizen, no income tax on income below Rs 5 lakh.
Net Income Range Tax Rate Education Cess
Up to 5,00,000 Nil Nil
5,00,000 – 10,00,000 20% 2%
More than 10,00,000 30% 2% 1%

Surcharge
10% surcharge on income tax if net income exceed Rs 50 lakh but below Rs 1 crore.
15% surcharge on income tax if net income exceed Rs 1 Crore. Subject to marginal relief.
No extra rebate for super senior citizens.

Conclusion:
A number of benefits are given in Income Tax Act of India to senior citizens apart from general deductions and benefits.Senior citizen can submit form 15H at the bank who maintain their Fixed Deposits to avoid TDS from interest paid or credited.

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