SLAB RATE for senior citizen

what will be the slab rate for senior citizen AY 2020-21.
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Quick Summary
This discussion outlines the income tax slab rates applicable to senior citizens for Assessment Year 2020-21 (Financial Year 2019-20). It details the tax-free threshold, the percentage rates for different income brackets, and the impact of a 4% cess. Importantly, it clarifies that a rebate is available for incomes below £500,000, meaning no tax is payable in such cases. For those over 80, the tax-free limit is extended to £500,000.

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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