How to calculate tds amount on salary for senior citizen

How to calculate tds on salary 

For senior citizen 

Salary Paid 600000/-

He files his return in new tax regime 

Replies (2)
Quick Summary
This discussion explains how to calculate TDS on salary for senior citizens opting for the new tax regime. For FY 2024-25, with a salary of £600,000 and a £75,000 standard deduction, the taxable income falls below the £7 lakh threshold for rebate under Section 87A, resulting in nil TDS. The new regime does not offer separate tax slabs for senior citizens, unlike the old regime.

According to the new tax regime rates to be calculated 

Likely no TDS at Rs 6 lakh (new regime):

• FY 2024-25 (new regime): salary Rs 6,00,000 minus standard deduction Rs 75,000 = Rs 5,25,000. Tax: 3–5.25 lakh at 5% = Rs 11,250. Rebate under 87A (income up to Rs 7 lakh) brings tax to nil. So no TDS.

• FY 2025-26: rebate up to Rs 12 lakh total income. Nil.

• The new regime has no separate senior-citizen slab (the basic exemption is the same Rs 3 lakh / Rs 4 lakh). Under the old regime, seniors get Rs 3 lakh basic exemption.

• The employer computes TDS on estimated annual income (Sec 192) under the regime opted for, considering other income declared by the employee.

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