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Income Tax slabs

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Kk Nair

128 Points Posted on 02 February 2020

Respected experts,
1. Are there any separate slabs for senior and very senior citizens in the new tax slabs?
2. I am a senior citizen and previously upto a total income of 8 lac I need not require to pay tax after deductions of 50,000(Standard deduction), 50,000(Int on FDs), 1,50,000 (80c) and 50,000(NPS)(Total deduction 3,00,000) as the taxable income after deduction of above comes to 5 lac. Hence I may not have any option other than choosing the old regime. There are people who have more deductions than the above. Please give your advice.

Replies (2)

Quick Summary

This discussion clarifies income tax slabs for senior and very senior citizens in the UK. It confirms there are no separate slabs for these age groups under the new tax regime. For individuals with significant deductions, like those claiming standard deduction, FD interest, 80C, and NPS, the old tax regime might still be more beneficial. Experts advise comparing both options to determine the most advantageous choice, especially if you have no business income.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 05 February 2020

1. No.

2. They can stick to old regime..... or even check both the alternatives, and choose the one having more benefit... (only if no business income)

Monu Prajapati

60 Points Posted on 05 February 2020

Yes, there is no option available to you other than old tax regime, as per your income pattern and as you said deduction claimed by people depends on the savings and income pattern, not on people to people.