Senior Citizens Income Tax Slab Rates and Tax Calculation 2023-24 [Examples]
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- เผยแพร่เมื่อ 10 มิ.ย. 2024
- 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:
• Section 80C Deductions...
Tax Rebate 87A Video:
• Standard Deduction & T...
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.
![SAVE Income Tax using Old Tax Regime | No Tax on ₹11 Lakh Income [Calculation]](http://i.ytimg.com/vi/KscdSx9Cvfg/mqdefault.jpg)
![SAVE Income Tax using Old Tax Regime | No Tax on ₹11 Lakh Income [Calculation]](/img/tr.png)
![Tax Saving Tips with Old Tax Regime | No Tax on Rs. 10 Lakh Income [Calculation]](http://i.ytimg.com/vi/XJ9IYNBM0A8/mqdefault.jpg)
Senior Citizen Income Tax Slab & Tax Calculation kaisa laga? COMMENT KARO 👇👇
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Sir,
For senior Citizens tax under old rezime, you have not considered Rs.50,000 towards mediclaim under Section 80D and donation under Section 80G.
If I donated to an orphanage registered under IT Act, for Rs.20,000/-, donation I get tax benefitvof Rs.10,000.
Further if my net income after all deductions is less than Rs 5 lakhs,
I am entitled to tax rebate of Rs.12,500/- or the tax calculated whichever is less.
NKlo
Llllllllllllllllllllllllllllllllllllĺlllllll@@tilakmehta4205
Excellent explanation for tax calculation.
Glad it was helpful!
शानदार प्रस्तुति
Dhanyavad
Your video was most useful sply explaining old vs new regime. Waiting to use the tax calculator online. Good effort made by you.
Glad it was helpful!
You can use the calculator here:
fincalc-blog.in/income-tax-calculator/
Good and precise calculations
Thanks and welcome
Nice video. Samjhaney ka tarika shaandar hai. Sikhakar jagrook kartey rahiye.
Very useful. Thanks!!!!
Glad it was helpful!
Simple way of explaining.
Fine dhanyavadagalu
thank you!
Very helpful and detailed
thank you
Thanks
Very useful information.
Glad it was helpful!
Very nice
Nicely explained in easy way.😊
thanks
Very very useful information
thank you!
Thanks for calculator...
welcome! please share with others
Much better than Narender Modi's "chawanni chhap" lectures . Explaination was quite good, more depth is expected as Income Tax calculation is very difficult for normal man . In place of 80(GG) you have to mention about Section 10(13A). Your score is 8 out of 10. 💢 🌸⚽
Very good information.
Glad it was helpful!
VERY GOOD
thank you!
VERY NICELY EXPLAINED THANKS SIR
welcome
God's bless you beta ji for sharing valuable information ❤😊🎉
thank you sir!!
Beautiful
Thank you
Very useful video.
Kindly also advice, if I have invested Rs. 4 lac in buying few shares in the F.Y. 2023-24, which are lying in my Demat
a/c. Which ITR I have to fill eithe ITR-1 or ITR-2.
Sir good presentation. In new regime, is sec 80C will be added in pension to find gross income? Kindly clarify. Thanx.
thank you! Section 80C is not available in new tax regime
Dear recalculate as per new rule of exemption of ₹7 lakhs.
You have not considered/ explained rebates for medical insurance premiums u/s 80D.
Good information sir ❤ me CG employee tha July 2023 me retired hua to kaise form fillup karenge pl batanaa I am senior citizen thanks ❤
I am Senior Citizen my Anual Income is 4.50 lakh under Old Tax Regime., do i have to file TAX ?? or is it ok not to fil TAX as i am not under any tax deduction slab ( as upto 5Lack i have rebate)
Best
You have not taken tax reliefs on Medical insurance premium limited to ₹50,000 and medical expenses and also senior citizen savings of ₹1,50,000. Also you did not mention about exemption for tax return submission under section 197 of IT act. Can you piece explain
Excellent explanation. But you have not considered home loan interest exemptions in old tax regimes
Very useful video.
I am a government Pensioner. Kindly also advice, if I have invested Rs. 4 lac in buying few shares in the F.Y. 2023-24, which are lying in my Demat
a/c. Which ITR I have to fill eithe ITR-1 or ITR-2.
In Old tax regime Rs. 50000/- medical expenses not mentioned
😅such video is very useful for senior citizens like us dkc kol. 115
thank you!
Rs 5000 preventive medical चेकअप for senior citizens, not taken into account for deduction in old regime. Please clarify.
Bhaiji, IPO selling ke baad kitna tax lagta hai aur ye tax kaise bharna hota hai ispar ek detailed session kijiye.
theek hai, stay tuned
Also please elaborate if a pensioner has income of pension,interest,dividend and short term capital gain
Thank you so much sir! Very well explained. When i calculated the tax likability for my father for the financial year 2023-2024 under the new regime, who is a super senior citizen pensioner with a gross annual income of Rs 12 lakhs, the calculator in your website computes the tax to Rs. 85,800 but the tax calculator in the official income tax website computes it to Rs, 90,000 plus 4% cess of Rs.3600 and the total payable tax calculates to 93,600. can u please clarify or make a video for tax calculation for super senior citizens with 5 lakhs exemption limit? Thank you so much for your educational videos.
Welcome!
On my website you must have selected "Pensioner" option which includes Rs. 50,000 as standard deduction for senior citizens based on which tax is Rs. 85,800 on 12 lakh income with new regime.. on official tax calculator this deduction is not included by default that's why Rs. 93,600 is shown as tax.
Rs. 85,800 tax is correct with standard deduction and Rs. 93,600 tax is correct without standard deduction. If your father is not pensioner than select "Business" option to match the tax with official tax calculator.
Hope it helps!
Thankyou so much Sir for your prompt and detailed reply. Now I understand. Yes my father is a Tamilnadu state government pensioner. As per your guidelines when I entered Rs. 1150000 in the field titled "Income from Salary (After eligible exemptions and deductions u/s 16 as per selected regime) the tax payable exactly tallies with the figure calculated in your website. Thank you so much.@@fincalc
@@adhinarayanan380 great. welcome!
Check it slab in new tax regime for senior citizens and also when you take 80ttb deduction then interest income should be shown, it can't be zero
Rs50000, for medical expenses and premium for medical insurance upto 25000 applicable है ना old regime में?
If I opt for new regime this time, then can I switch to the old regime again for the next year.
Or
Is it possible to switch any time to the old regime and new regime and vice versa.
Plz confirm.
Yes possible
❤ What about medicaid where the rebate is upto ₹ 50,000/-.
Some details wanted please.
Thanks.
If I extended amount under scss, can I get rebate under sec80c?
yes SCSS deposits can be claimed under section 80C
watch this video for SCSS calculation:
th-cam.com/video/zpZ5qVkNEZ8/w-d-xo.html
Is Sec.80TTB aplicable to senior citizens in new regeme?🎉
Kya pensioner bhi HRA total income se minush (-) kr sakta hai
yes
But from where u r getting HRA being pensioner?
Income tax for 25 - 30 l acs which includes capital gains tax also
New system intt on ppf is non taxable?
yes ppf interest in non taxable
Medical allowance deduction available or not
Hi bro agar package 6 to 6.5 hai toh new tax regime se exemption kaise save kar sakte hai
New tax regime ke hisab se 7 lakh Tak koi tax nahi hai.. tax rebate 87a use karke
Calculator use Karo:
fincalc-blog.in/income-tax-calculator/
Nsc aur kisan vikas ki maturity per tax kaisey lagta hai
If my pension income is less than 50000 then how much will be my standard deduction?
Mera ek question hain aspko
Kisi senior cityzen ne senior citizen saving scheam main 30 Lakh invest liye hain or interest ki sala na income karib 2,42,000 hoti hain to kya wo income tax k dayre main aate hain ?
Pata nhi
Ha senior citizen saving scheme ka interest taxable hota hai aapke slab rate ke hisab se tax lagega
I am aged 80+years I am doing shares purchase & selling tell me how to calculate my income Tex 🙏 Jai shree Ram 🙏 I am ex defence person 🙏🇳🇪🙏
Rebate on Medical expenses or Insurance not included.
bhai trader ko house loan kese mil shkti hai plz make video
Where I have to claim deduction of interest for mortgage loan taken for home and how?
under section 80C and section 24.
watch this video: th-cam.com/video/Up8NvhUyMaw/w-d-xo.html
How to calculate tax of super senior citizen of the same dedu tion plus one deduction of rs 50000 medical insurance premium
please use income tax calculator:
fincalc-blog.in/income-tax-calculator/
I am 81 yrs My income only bank interest which is less than 1 lac May I have to link Pan with Aadhar card ?
U left out 80 d medical deductions please update your calculations
yes there are multiple deductions to be considered while calculating tax with old tax regime
please use the income tax calculator here:
fincalc-blog.in/income-tax-calculator/
What about housing loan interest??? And if senior citizens is ledie??
iam at 64 years. iam not getting any amounts from any where.now I have invested in share market in stocks.can you give us the amount to be paid if i have earned 7lacks.
how to calculate income fro m home
I have retired in Sept-23 ,what will be my identity i .e pensioner or regular employee.
If you get pension than pensioner
Medical deduction plus 5000 regular check deduction not taken
My total income is 770320 what is the tax in new slab
What about health insurance
Old taxRegime 80C&?80TTB DIDUCTION Edding pl help
Short term gains and long term gains not mentioned.
Sir I'm senior my total income is 6lakhs how much tax
25 lakh ke income bataye ko example dekar bataye
I am a super sr. Citizen. Gross income from pension 770000. How much tax I have to pay under new slab rates.
Omg itne paise kaise aye mere 10k h
80D is not mentioned here.
upto 7 lac income for senior citizen no tax to be oaid . is it correct ? pls confirm .
yes correct
@@fincalc thanks for confirmation.
Sir,
For senior Citizens tax under old rezime, you have not considered Rs.50,000 towards mediclaim under Section 80D and donation under Section 80G.
If I donated to an orphanage registered under IT Act, for Rs.20,000/-, donation I get tax benefitvof Rs.10,000.
Further if my net income after all deductions is less than Rs 5 lakhs,
I am entitled to tax rebate of Rs.12,500/- or the tax calculated whichever is less.Sir,
For senior Citizens tax under old rezime, you have not considered Rs.50,000 towards mediclaim under Section 80D and donation under Section 80G.
If I donated to an orphanage registered under IT Act, for Rs.20,000/-, donation I get tax benefitvof Rs.10,000.
Further if my net income after all deductions is less than Rs 5 lakhs,
I am entitled to tax rebate of Rs.12,500/- or the tax calculated whichever is less.
yes you can consider many deduction options as per your deductions under old tax regime
What about housing loan interest????
Figures which you are explaining is not clear and visible.Kindly expand and slowly explain.Otherwise not understanding.
Apologies.. please reduce the speed while watching.. will take care in upcoming videos
Senior citizen ko income tax ka pura mukub hona chahiye.
700000 incometax new tax
Income from house
87A rebate is available in new regime only. Your comparison need to be corrected
it's available in old regime also. please check
@@fincalc Yes but 87 A limit of Taxable Income in the old tax regime is Rs. 5 Lakh whereas in the new tax regime, it is Rs. 7 Lakh. The rebate will be Rs. 12,500 and Rs. 25,000 in the respective regime.
@@balbirsingh9011 same things I have explained in video.. check at 14:38
Sir,
62years old pension reacived 6lac 50 thousands what will be tax.
According to your calculation a pensioner of age 63 having total income of Rs 7 lakh including interest and dividend net tax will be zero. Am I right sir?
Yes with new tax regime
FD for 10yrs 80C me aayega
Scss 80c me ayega?
In Headline t English but you explain in Hindi you think only hindi knowing person watch then change Headline in HINDI
You better give all tax exemptions. Without giving them ,you are creating panicky in senior citizens.
Give in english
850000-250000-550000 ला टॅक्स बसत नाही,तुम्ही चुकीची माहिती दिलेली आहे,ती कृपया दुरुस्ती करावी.
Mail mat chalalo. Dhire dhire bolo.
theek hai