Senior Citizens Income Tax Slab Rates and Tax Calculation 2024-25 [Examples]

Senior Citizens Income Tax Slab Rates and Tax Calculation 2024-25 [Examples]
In this video by FinCalC TV we will see Senior Citizens Income Tax Slab Rates and Tax Calculation 2024-25 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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Income Tax Slab Rates 2024-25:
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CHAPTERS:
00:00 Senior Citizen Income Tax Calculation 2024-25
00:23 Old Tax Regime Slab Rates
00:47 New Tax Regime Slab Rates
01:46 Income Tax Calculator in Excel
02:08 Rs. 8 Lakh Income Tax Calculation
03:19 Slab wise Calculation Details
05:51 Standard Deduction Eligibility for Senior Citizens
06:37 Tax Rebate 87A Eligibility
09:26 Income Tax Calculator on FinCalC Blog
12:56 Conclusion
Deductions under New Tax Regime:
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After watching this video following queries will be solved:
Income Tax Slab Rates 2024-25
Senior Citizens Income Tax Slab Rates 2024-25
Old Tax Regime vs New Tax Regime
No Income Tax with new tax regime
New Tax regime income tax calculation
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 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 2024 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 #TaxCalculation #IncomeTaxExcel #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.

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[@manishashah9737]

My in hand salary is 35k, basic -22k,hra-1700 rest bonus
What should be my rough TDS according to new/old regime

[@prabhulingpadadayyachaukim6434]

Please clarify why we are discussing FY 2024-25. I would like to see for FY 23-24 for which I am filing my return

[@dipayandebata5720]

What would be the tax liability for non-working homemaker(senior citizen) with rental income(only source of income) less than 7 lakhs? Does it need to be filed under new tax regime to avail benefits under section 87A for zero tax liability?

[@rajendrapune5879]

फॉर्म 16 भेजों पेमेंट वालों के लिये