Senior Citizen Income tax rates and age

Budget 2012, have reduced age of senior citizens for various provisions from 65 to 60 years. 

 

Income tax Rates for Senior Citizens (60–80 years)


FY 2012-2013                                                   TAX RATE

 

Upto Rs.2.50 lakhs                                                  NIL

 

From Rs.2.50 to 5 lakhs                                        10%

 

From Rs.5 to 10 lakhs                                            20%

 

Rs.10 lakhs and above                                           30%

 

For Very Senior Citizens (80 years and above)

 

FY 2012-2013                                                     TAX RATE

 

Upto Rs.5 lakhs                                                       NIL

 

From Rs.5 to 10 lakhs                                          20%

 

Rs.10lakhs and above                                            30%

AGE LIMIT IS NOW REDUCED FROM 65 YEARS TO 60 YEARS

Qualifying age of senior citizens in various has been amended. Age limit has been reduced from 65 to 60 years to avail benefit of section 80D & 80DDB. Moreover, age limit for Form 15H which is applicable for senior citizen has also been reduced from 65years to 60 years.

Section 80D & 80DDB amendment will be effective from 1st April, 2013 and amendment relating to Form 15H will be effective from 1st July, 2012.

SENIOR CITIZENS ARE NOW EXEMPT FROM PAYMENT OF ADVANCE TAX

If Senior citizen, does not  have any income from business, they are not required to pay advance Income tax.

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3 Responses to Senior Citizen Income tax rates and age

  1. Tarak Nath Sarkar says:

    The income tax rate for senior citizen has been received , which is helpful to me

  2. born on march15,1954 will i am a senior citizen during the year 2013-2014

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