New Delhi: Finance Minister Nirmala Sitharaman keeps the tax slabs for senior citizens and super senior citizens unchanged. However, she has provided relief on TDS limit for interest for senior citizens from the present Rs 50,000 to Rs 1,00,000.
Tax slabs for senior citizens remain unchanged
Income tax is a direct tax paid by both women and men in India irrespective of gender. However, the Income Tax department has created three categories of taxation based on the age of the person.
The age group are broadly divided into three categories-under 60, between 60 and 80 (senior citizens, above 80 (super senior citizens). Before 2013, there were separate tax slabs for men and women, but they were later abolished.
Tax slabs for senior citizens (age 60) under new tax regime
For super senior citizens who are aged 80 and above, the basic income exemption limit for them is Rs 5 lakh. Under old tax regime, there is no tax on the annual income of Rs 3 lakh. Five per cent tax is levied on income between Rs 3 Lakh-5 lakh. If there are no changes in income tax slabs, the tax rate remains the same as the previous years.
Tax rates for Individual (resident or non-resident) 80 years of age
Union Budget 2025, Income Tax Slab Rate for Women and Senior Citizens AY 2025-2026: The government has kept the tax slabs for senior citizens and super senior citizens unchanged. However, TDS limit for interest for senior citizens has been hiked from the present Rs 50,000 to Rs 1,00,000. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
