Income Tax Slab For Super Senior Citizens FY 2018-19 AY 2019-20

Super Senior Citizens are those persons who have age 80 years or above.

We will discuss Income tax rates for Super Senior Citizens for FY 2018-19 AY 2019-20.

New Changes in Budget 2018 for super senior citizens

Let us have a quick look at the changes in the new tax slab ratefor FY 2018-19 for all employees in Budget 2018.

  • Education cess hike from 3% to 4%.
  • Standard Deduction of rs 40,000 from tax player’s salary.
  • Rs 50,000 for premium paid towards health insurance in case of super senior citizen Under section 80D
  • Rs 1 lakh deduction for super senior citizen for expenditure incurred on specified diseases under section 80DDB.

Income Tax Slab For FY 2018-19 for super senior citizens

TAXABLE INCOME           TAX RATE

0-500,000                              NO TAX

500001-1000000.                    20%

10,00001 & above                   30%

Note 1: if taxable income is more than 50 lakhs and less than 0ne crore,10% surcharge is applicable.

Note 2: if taxable income is more than 0ne crore,15% surcharge is applicable.

How to calculate income tax for super senior citizens.

Let us suppose your gross pension is 8 lakhs.

So deduct rs 40,000 as standard Deduction from 6,00000.

So in one reduces to 560,000.

Further suppose saving u/s 80C is 150,000.

Hence Taxable Income becomes rs 410,000.

Finally as we know in case of super senior citizens 0-500000 there is no tax.

Hence there will be no tax on rs 410,000 .

Similarly suppose your gross pension for fy 2018-19 is 10 lakhs.

So deduct rs 40,000 as standard Deduction from 10,00000.

It will become 960,000.Further let your  savings under 80C section is 150,000.

So deduct 150,000 from 960,000 will make it rs 810,000.

Now as you know 0-500000 there is no tax in case of super senior citizen.

Let deduct 5,00000 from 810,000.

The remaining taxable income is 3,10,000.

Now 20% tax rate is applicable on rs 310,000.

So it will become rs 62,000.

Health education cess 4% of rs 62,000 is 2480.Adding it to 62,000 will make it 64480.

Finally your taxable amount is rs 64480.

Conclusion:

We have discussed Income Tax Slab Rates For Super Senior Citizens FY 2018-19.

If your taxable income is high you can Lower down your tax liability by taking tax rebates under sections 80D and 80DDB. If you have any.

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is a professional blogger,teacher and income tax expert

Kuldeep Singh
 

is a professional blogger,teacher and income tax expert

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