Senior Citizens Income Tax Slab Rates and Tax Calculation 2023-24 [Examples]

Senior Citizens Income Tax Slab Rates and Tax Calculation 2023-24 [Examples]
In this video by FinCalC TV we will see Senior Citizens Income Tax Slab Rates and Tax Calculation 2023-24 in hindi with the help of examples. Income tax slab rates with old tax regime and new tax regime will be explained along with income tax calculation examples for senior citizens of age between 60 years to 80 years.

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CHAPTERS:
00:00 Senior Citizens Income Tax Calculation Intro
00:35 Income Tax Slab Rates 2023-24 (Old regime)
01:24 New Tax Slab Rates for Senior Citizens
02:01 Income Tax Calculation Examples
06:54 Tax Calculations based on Slab Rates
12:50 New Tax Slabs Calculation Examples
15:54 Using Fincalc Income Tax Calculator
18:51 Senior Citizens Income Tax Calculation Conclusion

Section 80C Deductions list Video:
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Tax Rebate 87A Video:
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After watching this video following queries will be solved:
How To Calculate Income Tax FY 2023-24 AY 2024-25?
What are the income tax slab rates for FY 2023-24?
What is standard deduction for FY 2023-24?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2023-24 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2023 income tax
standard deduction new tax regime

NEW TAX REGIME:
No Income Tax on Income between Rs. 0 to Rs. 3 lacs
5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
30% Tax on Income above Rs. 15 lacs

OLD TAX REGIME:
No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
30% Tax on Income above Rs. 10 lacs

EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.

WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.

#IncomeTax #SeniorCitizens #IncomeTaxCalculation #FinCalCTV

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.