Income Tax Calculator (Senior Citizens)
Here's a comprehensive table summarizing the key aspects of income tax for senior citizens in India for the financial year 2024-25 (assessment year 2025-26):
| Aspect | Senior Citizens (60-80 years) | Super Senior Citizens (80+ years) |
|---|---|---|
| Income Tax Slab (Old Regime) | Up to ₹3,00,000: No Tax ₹3,00,001 to ₹5,00,000: 5% ₹5,00,001 to ₹10,00,000: 20% Above ₹10,00,000: 30% | Up to ₹5,00,000: No Tax ₹5,00,001 to ₹10,00,000: 20% Above ₹10,00,000: 30% |
| Standard Deduction | ₹50,000 (increased to ₹75,000 for salaried under new regime) | ₹50,000 (similar to senior citizens) |
| Tax Rebate (Section 87A) | Income up to ₹5,00,000 (Old Regime) Income up to ₹7,00,000 (New Regime) | Same as Senior Citizens |
| Filing Exemption Age | Not applicable | 75 years and above (Section 194P) |
| Medical Insurance Deduction (Section 80D) | Up to ₹50,000 | Same as Senior Citizens |
| Deduction on Interest (Section 80TTB) | Up to ₹50,000 on interest from deposits | Same as Senior Citizens |
| Advance Tax Payment | Exempt if no business/professional income | Same as Senior Citizens |
| TDS Exemption on Interest | Up to ₹50,000 (Section 194A) | Same as Senior Citizens |
| Medical Expenditure Deduction (Section 80DDB) | Up to ₹1,00,000 | Same as Senior Citizens |
| ITR Forms | ITR-1, ITR-2, or ITR-3 based on income sources | Can file paper returns for ITR-1 or ITR-4 |
Additional points to note:
- Senior citizens can choose between the old and new tax regimes, whichever is more beneficial3.
- The new tax regime doesn't differentiate between age groups and offers different tax slabs5.
- Deductions under sections like 80C, 80CCC, 80CCD(1), 80D, etc., are available under the old regime but not in the new regime4.
- Senior citizens aged 75 years and above with only pension and interest income from the same bank are exempt from filing ITR, subject to certain conditions4.
- Surcharge rates apply on income exceeding ₹50 lakhs, with rates increasing at higher income levels5.
This table provides a comprehensive overview of the income tax provisions for senior citizens in India for the financial year 2024-25. It's important to consult with a tax professional or refer to the latest guidelines from the Income Tax Department for personalized advice.