03 Feb , 2023 By : Monika Singh
Income Tax Slab 2023-24 for Senior Citizens: Union Budget 2023-24 proposed new income tax slabs and rates under the simplified tax regime, which is now also popularly known as the New Tax Regime. However, the announcement of the new tax slabs and rates under the new regime has raised several questions in the minds of taxpayers in the senior citizen and retired employees categories. The following details will remove all confusion about the new tax slab and rates applicable to senior citizens.
Senior citizens can file their Income Tax Returns (ITR) either under the Old Tax Regime or the New Tax Regime. Both options will be available when you go for filing ITR for Assessment Year 2023-24. There is no change in this regard. Though New Tax Regime will appear as the default regime on the e-filing website, senior citizens will have the option to go for Old Tax Regime as well.
If you are filing ITR this year (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for return filing will be the same as it was in the previous year.
Thus, the tax slab and rates for ITR filing in AY 2023-24 will be as follows:
New Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
0 to Rs 2.5 lakh: NIL
Rs 2.5 to Rs 5 lakh: 5?ove Rs 2.5 lakh
Rs 5 lakh to Rs 7.5 lakh: Rs 12,500 10?ove Rs 5 lakh
Rs 7.5 lakh to Rs 10 lakh: Rs 37,500 15?ove Rs 7.5 lakh
Rs 10 lakh to Rs 12.5 lakh: Rs 75,000 20?ove Rs 10 lakh
Rs 12.5 lakh to Rs 15 lakh: Rs 1,25,000 25?ove Rs 12.5 lakh
Above Rs 15 lakh: Rs 1,87,500 30?ove Rs 15 lakh
Old Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
Rs 3 lakh: NIL
Rs 3-5 lakh: 5?ove Rs 3 lakh
Rs 5-10 lakh: 10,000 20?ove Rs 5 lakh
Above 10 lakh: Rs 1,10,000 30?ove Rs 10 lakh
New Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2024-25 (FY2023-24)
Note: There is no change in the Old Tax Regime slabs and rates. This means you will be filing ITR at the same rates and slabs if opting for Old Regime as the previous year. Hope, the above settles the confusion over which tax slab and rates will be applicable for ITR filing this year and the next.
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