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SLAB RATE for senior citizen
what will be the slab rate for senior citizen AY 2020-21.
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Slab rate for senior citizen for AY 2020-21 (FY 2019-20) shall be following :
Income 0 - 3,00,000 - No tax
3,00,001 - 5,00,000 - 5%
5,00,001 - 10,00,000 - 20%
Above 10,00,000 - 30%
Additional 4% cess on above tax.
Note, if total income is below Rs. 5,00,000/- then there will be No tax because of rebate. If income exceeds Rs. 5,00,000/- then you cannot avail rebate and you will be taxed as per above slab rates.
Very senior citizens over 80 years will have to pay tax only on income above ₹5,00,000. No tax up to ₹500000. The taxation rates are as above.
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