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

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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.

Пікірлер: 161

@fincalc 6 ай бұрын

Senior Citizen Income Tax Slab & Tax Calculation kaisa laga? COMMENT KARO 👇👇 Income Tax Calculator Online: fincalc-blog.in/income-tax-calculator/ JOIN Telegram Group: t.me/fincalc_tv_channel

@agmabms 5 ай бұрын

@tilakmehta4205 4 ай бұрын

NKlo

@subramanimuniswamy5255 2 ай бұрын

Llllllllllllllllllllllllllllllllllllĺlllllll@@tilakmehta4205

@rosebudpk3920 4 ай бұрын

Your video was most useful sply explaining old vs new regime. Waiting to use the tax calculator online. Good effort made by you.

@fincalc 4 ай бұрын

Glad it was helpful! You can use the calculator here: fincalc-blog.in/income-tax-calculator/

@lmsharma1910 4 ай бұрын

Nice video. Samjhaney ka tarika shaandar hai. Sikhakar jagrook kartey rahiye.

@vrkrishnakumar1 9 күн бұрын

Wonderful. I dont know Hindi but still your Hindi was very simple and easy to understand. Very good explanations. God Bless you 🙌 நன்றி

@srmaurya 6 ай бұрын

Very useful. Thanks!!!!

@fincalc 6 ай бұрын

Glad it was helpful!

@vidyasagargoparaju8125 3 ай бұрын

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

@venkatakrishnan8653 Ай бұрын

Excellent explanation for tax calculation.

@fincalc Ай бұрын

Glad it was helpful!

@must604 3 ай бұрын

Simple way of explaining.

@kamleshpanwar8102 11 күн бұрын

Excellent 👍

@dsuryaprakash4768 3 ай бұрын

Thanks

@rameshbadhya4274 5 ай бұрын

Fine dhanyavadagalu

@fincalc 4 ай бұрын

thank you!

@BaljeetSingh-nm8hu 3 ай бұрын

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. 💢 🌸⚽

@somakrajgupta5545 5 ай бұрын

Very helpful and detailed

@fincalc 4 ай бұрын

thank you

@ajaynigam135 4 ай бұрын

Very nice

@ujjwalaraut7538 3 ай бұрын

Nicely explained in easy way.😊

@fincalc 3 ай бұрын

thanks

@ulhasarolkar 4 ай бұрын

Thanks for calculator...

@fincalc 4 ай бұрын

welcome! please share with others

@rameshdeshpande4673 5 ай бұрын

Very very useful information

@fincalc 4 ай бұрын

thank you!

@mattasrinivasmohan5808 3 ай бұрын

Very useful information.

@fincalc 3 ай бұрын

Glad it was helpful!

@dilipmankawade6328 3 ай бұрын

VERY NICELY EXPLAINED THANKS SIR

@fincalc 2 ай бұрын

welcome

@AnilSingh-ps7tt 4 ай бұрын

Very good information.

@fincalc 4 ай бұрын

Glad it was helpful!

@mukundabc8769 Ай бұрын

Good and precise calculations

@fincalc 29 күн бұрын

Thanks and welcome

@garimella999 4 ай бұрын

VERY GOOD

@fincalc 4 ай бұрын

thank you!

@HukamSingh-qh6pc 4 ай бұрын

God's bless you beta ji for sharing valuable information ❤😊🎉

@fincalc 4 ай бұрын

thank you sir!!

@satyapaulkanjlia7346 17 күн бұрын

Very useful video. I am 84 year NRI Pensioner. Pension income range about 14 lakh. Pension,FD & sb interest only. What provisions apply/do not apply. Grateful for advice.

@vijaytikku9628 3 ай бұрын

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.

@harisinghbarhath3344 Ай бұрын

शानदार प्रस्तुति

@fincalc Ай бұрын

Dhanyavad

@sunnytoms9416 4 ай бұрын

Beautiful

@fincalc 4 ай бұрын

Thank you

@rajisomnath5510 4 күн бұрын

Best description

@fincalc 2 күн бұрын

thanks

@umeshdaivagna4515 6 күн бұрын

Thank you😊

@fincalc 2 күн бұрын

You're welcome 😊

@vijaytikku9628 3 ай бұрын

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.

@prasantachakraborty3497 3 ай бұрын

Excellent explanation. But you have not considered home loan interest exemptions in old tax regimes

@ravinderbhat112 5 ай бұрын

Dear recalculate as per new rule of exemption of ₹7 lakhs.

@ajoydas3353 6 ай бұрын

Sir good presentation. In new regime, is sec 80C will be added in pension to find gross income? Kindly clarify. Thanx.

@fincalc 4 ай бұрын

thank you! Section 80C is not available in new tax regime

@agramachandran Күн бұрын

Good information. What sec 80D medi claim etc

@user-yj6cb6ue7f 3 ай бұрын

Best

@adhinarayanan380 6 ай бұрын

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.

@fincalc 6 ай бұрын

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!

@adhinarayanan380 6 ай бұрын

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

@fincalc 6 ай бұрын

@@adhinarayanan380 great. welcome!

@manojshahshah9467 6 ай бұрын

Good information sir ❤ me CG employee tha July 2023 me retired hua to kaise form fillup karenge pl batanaa I am senior citizen thanks ❤

@dulalkumachakravorty3980 4 ай бұрын

😅such video is very useful for senior citizens like us dkc kol. 115

@fincalc 4 ай бұрын

thank you!

@omdahiya-we1vo 4 ай бұрын

Also please elaborate if a pensioner has income of pension,interest,dividend and short term capital gain

@anuragshukla6230 6 ай бұрын

Bhaiji, IPO selling ke baad kitna tax lagta hai aur ye tax kaise bharna hota hai ispar ek detailed session kijiye.

@fincalc 6 ай бұрын

theek hai, stay tuned

@govindammac.2955 4 ай бұрын

In Old tax regime Rs. 50000/- medical expenses not mentioned

@sdmistry3666 Ай бұрын

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

@pankajagrawal5670 4 ай бұрын

You have not considered/ explained rebates for medical insurance premiums u/s 80D.

@manabendrabanerjee304 2 ай бұрын

❤ What about medicaid where the rebate is upto ₹ 50,000/-. Some details wanted please. Thanks.

@satishgupta5245 6 ай бұрын

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.

@fincalc 6 ай бұрын

Yes possible

@sushmitadutta2783 6 ай бұрын

Income tax for 25 - 30 l acs which includes capital gains tax also

@InvestwithFun Ай бұрын

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)

@satishchanderseth3770 2 күн бұрын

In OLD TAX REGIME the Slab Rates should be 5. Per Cent, Ten Per Cent and 15. Per cent for Senior citizens. Senior citizens should be given some relief.

@rajendrabhatt3858 9 күн бұрын

😂Very help ful😂

@ramachandranps4229 18 күн бұрын

I am super sr pensioner with annual pension is around 7:80..lakhs and no other income except intrest on FD in bank - total intrest on FD also around 15 thousand p annum - shall I have to file return? Under which slab I Come? Which is beneficial ? I don't have any investments other than FD out of pension under multiple option deposit every month -- kindly explain such cases as examples - thanks

@seethiseeth9737 4 ай бұрын

Is Sec.80TTB aplicable to senior citizens in new regeme?🎉

@krishankumartyagi1874 5 ай бұрын

Rebate on Medical expenses or Insurance not included.

@narenderdhanna5044 8 күн бұрын

Sir, Mera post office fd per tds kata hai per vah 26as me nahi reflect kar raha Kya mai tds ka refund claim kar sakta hu without 26as ke Regards

@saraswathynair4870 5 ай бұрын

Medical allowance deduction available or not

@narendrasadarani912 Күн бұрын

what about interest income on FD over and above pension income ?

@satyanarayankamath3634 4 ай бұрын

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 🙏🇳🇪🙏

@jp-bu3ql 6 ай бұрын

bhai trader ko house loan kese mil shkti hai plz make video

@subirkumarbiswas2083 14 күн бұрын

You did not mention whether medical insurance is exempted or not in tax calculation in old and new regime. Pl clarify.

@monaghate4096 Ай бұрын

Rs50000, for medical expenses and premium for medical insurance upto 25000 applicable है ना old regime में?

@monaghate4096 Ай бұрын

Rs 5000 preventive medical चेकअप for senior citizens, not taken into account for deduction in old regime. Please clarify.

@SamirRanjanDas-cz8kd 5 ай бұрын

I am 81 yrs My income only bank interest which is less than 1 lac May I have to link Pan with Aadhar card ?

@anupkumarkundu8518 4 ай бұрын

If my pension income is less than 50000 then how much will be my standard deduction?

@ravinanda4123 10 күн бұрын

I am getting 36000 as Old Age Pension per year and my Capital gain Tax from mutual fund is 750000. How much tax i will have to pay. I am senior citizen of 71 years old. Please advise

@imawesome9412 6 ай бұрын

Hi bro agar package 6 to 6.5 hai toh new tax regime se exemption kaise save kar sakte hai

@fincalc 6 ай бұрын

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/

@milindwadalkar7143 3 ай бұрын

What about housing loan interest??? And if senior citizens is ledie??

@sarmauppuluri1373 3 ай бұрын

U left out 80 d medical deductions please update your calculations

@fincalc 3 ай бұрын

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/

@user-tt2vj6wy4x 7 күн бұрын

up advocate hain 80years filing vi karne parega 500 rs dene parega😮

@1961anand 5 ай бұрын

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.

@shambhunathbayen-iv1fb 3 ай бұрын

If I extended amount under scss, can I get rebate under sec80c?

@fincalc 2 ай бұрын

yes SCSS deposits can be claimed under section 80C watch this video for SCSS calculation: kzfaq.info/get/bejne/sNaKaNSH0LSpimw.html

@prakashnag4339 4 ай бұрын

Where I have to claim deduction of interest for mortgage loan taken for home and how?

@fincalc 4 ай бұрын

under section 80C and section 24. watch this video: kzfaq.info/get/bejne/i9ZogdmZut-xkas.html

@premsharma2290 3 ай бұрын

New system intt on ppf is non taxable?

@fincalc 3 ай бұрын

yes ppf interest in non taxable

@rajeshsinha901 4 ай бұрын

Kya pensioner bhi HRA total income se minush (-) kr sakta hai

@fincalc 4 ай бұрын

yes

@anshurawat6305 3 ай бұрын

But from where u r getting HRA being pensioner?

@prajapatinikul2650 6 ай бұрын

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 ?

@assam775 6 ай бұрын

Pata nhi

@fincalc 6 ай бұрын

Ha senior citizen saving scheme ka interest taxable hota hai aapke slab rate ke hisab se tax lagega

@pradimanpk Ай бұрын

Nsc aur kisan vikas ki maturity per tax kaisey lagta hai

@rupkumarpatnaik9454 4 ай бұрын

What about health insurance

@sharmabm7521 3 ай бұрын

How to calculate tax of super senior citizen of the same dedu tion plus one deduction of rs 50000 medical insurance premium

@fincalc 3 ай бұрын

please use income tax calculator: fincalc-blog.in/income-tax-calculator/

@amitkurani9681 3 ай бұрын

Medical deduction plus 5000 regular check deduction not taken

@PANKAJSHAH-nn8rb Ай бұрын

I have retired in Sept-23 ,what will be my identity i .e pensioner or regular employee.

@fincalc 29 күн бұрын

If you get pension than pensioner

@agmabms 5 ай бұрын

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.

@fincalc 4 ай бұрын

yes you can consider many deduction options as per your deductions under old tax regime

@milindwadalkar7143 3 ай бұрын

What about housing loan interest????

@rabinsaha1669 3 ай бұрын

upto 7 lac income for senior citizen no tax to be oaid . is it correct ? pls confirm .

@fincalc 3 ай бұрын

yes correct

@rabinsaha1669 3 ай бұрын

@@fincalc thanks for confirmation.

@keshavsharma5529 3 ай бұрын

I am a super sr. Citizen. Gross income from pension 770000. How much tax I have to pay under new slab rates.

@rinkymishra7007 2 ай бұрын

Omg itne paise kaise aye mere 10k h

@avinashbansod9248 3 ай бұрын

Short term gains and long term gains not mentioned.

@user-xw8hg5ui4s 4 ай бұрын

Figures which you are explaining is not clear and visible.Kindly expand and slowly explain.Otherwise not understanding.

@fincalc 4 ай бұрын

Apologies.. please reduce the speed while watching.. will take care in upcoming videos

@ratnakarsarwade1714 Ай бұрын

how to calculate income fro m home

@ASen03060 2 ай бұрын

Senior citizen ko income tax ka pura mukub hona chahiye.

@gopalansrinivasan58 2 ай бұрын

My total income is 770320 what is the tax in new slab

@nabendhusekharhauli4875 3 күн бұрын

Please check tax rate for senior citizens.Not same slab for all.

@fincalc 3 күн бұрын

For new tax regime it's same for all

@manasdas2933 4 ай бұрын

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?

@fincalc 4 ай бұрын

Yes with new tax regime

@krishnannairkv3907 5 күн бұрын

I am 83years old and my annul income is 590000 rs is iam jn the range of in comtax

@balbirsingh9011 6 ай бұрын

87A rebate is available in new regime only. Your comparison need to be corrected

@fincalc 6 ай бұрын

it's available in old regime also. please check

@balbirsingh9011 6 ай бұрын

@@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.

@fincalc 6 ай бұрын

@@balbirsingh9011 same things I have explained in video.. check at 14:38

@swapansingh1840 4 ай бұрын

Sir, 62years old pension reacived 6lac 50 thousands what will be tax.