Income tax limit for senior citizens
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 September 2012
Sir Please what is the limit for senior citizens
CA CS Amit S. Kedia
(Expert)
15 September 2012
No tax till 250000
10% on 250000 to 500000
20% on 500000 to 1000000
30% on above 1000000
10% on 250000 to 500000
20% on 500000 to 1000000
30% on above 1000000
K Srinivas, CMA CS
(Expert)
15 September 2012
And i hope you'd be aware that senior citizens have been classified into two categories from this year.
For people above 60 yrs of age , the basic exemption limit is Rs.2.5 Lacs. Above 2.5lacs to 5lacs - 10%, 5lacs to 10 lacs - 20% and above 10lacs - 30%
People above 80 years, no tax applicable till Rs.5lacs.From 5lacs to 10 Lacs - 20% and above 10 lacs - 30%
For people above 60 yrs of age , the basic exemption limit is Rs.2.5 Lacs. Above 2.5lacs to 5lacs - 10%, 5lacs to 10 lacs - 20% and above 10lacs - 30%
People above 80 years, no tax applicable till Rs.5lacs.From 5lacs to 10 Lacs - 20% and above 10 lacs - 30%
Guest
Guest
(Expert)
15 September 2012
Yes..senior citizens classified into senior and super senior(80years above)...i agree with the above answers
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