INCOME TAX RATES FOR SENIOR CITIZEN AND SUPER SENIOR CITIZENS FOR ASSESSMENT YEAR 2016-17

INCOME TAX RATES FOR SENIOR CITIZEN AND SUPER SENIOR CITIZENS FOR ASSESSMENT YEAR 2016-17

- Keshav Ram Singhal

SENIOR CITIZEN

Senior Citizen is an individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1936 but before 1st April 1956 for AY 2016-17).

Tax Rate for Senior Citizen

(i) Where the taxable income does not exceed Rs. 3,00,000 - Income Tax NIL

(ii) Where the taxable income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 - Income Tax Rate - 10% of the amount by which the taxable income exceeds Rs. 3,00,000 (Less) Tax Credit u/s 87A - 10% of taxable income up to a maximum of Rs. 2000.

(iii) Where the taxable income exceeds Rs. 5,00,000, but does not exceed Rs. 10,00,000 - Income Tax Rate - Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000.

(iv) Where the taxable income exceeds Rs. 10,00,000 - Income Tax Rate - Rs. 120,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000.

Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge. if applicable) - Please refer to the Income Tax Rules for Marginal Relief in Surcharge.
Education Cess: 3% of the total of Income Tax and Surcharge.

SUPER SENIOR CITIZEN

Super Senior Citizen is an individual resident who is of the age of 80 years or more at any time during the previous year ( i.e. born before 1st April 1936 for AY 2016-17)

Tax Rate for Super Senior Citizen

(i) Where the taxable income does not exceed Rs. 5,00,000 - Income Tax NIL

(ii) Where the taxable income exceeds Rs. 5,00,000, but does not exceed Rs. 10,00,000 - Income Tax Rate - 20% of the amount by which the taxable income exceeds Rs. 5,00,000.

(iv) Where the taxable income exceeds Rs. 10,00,000 - Income Tax Rate - Rs. 100,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000.

Surcharge: 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge. if applicable) - Please refer to the Income Tax Rules for Marginal Relief in Surcharge.
Education Cess: 3% of the total of Income Tax and Surcharge.


Disclaimer: "All efforts are made to keep the abovementioned contents correct and up-to-date, however, I do not make any claim regarding the information provided as correct and up-to-date."

For more accurate information, please refer to the website of Income Tax Department, Government of India. CLICK HERE for the website of Income Tax Department, Government of India.