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:

Tax Rebate 87A Video:

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.

[fincalc]

Senior Citizen Income Tax Slab & Tax Calculation kaisa laga? COMMENT KARO 👇👇
Income Tax Calculator Online:
JOIN Telegram Group:

[rosebudpk]

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

[vidyasagargoparaju]

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

[vrkrishnakumar]

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

[venkatakrishnan]

Excellent explanation for tax calculation.

[mannarurangasahini.]

🎉🎉 Very simple method of IT calculation. But not disscus for fd and savings, deduction in ITR calculation.

[prasantachakraborty]

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

[lmsharma]

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

[satyapaulkanjlia]

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.

[ravinderbhat]

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

[HukamSingh-qhpc]

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

[vijaytikku]

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.

[BaljeetSingh-nmhu]

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. 💢 🌸⚽

[aashiyanaansari]

Bas AAJ SAMAJH aaya ITR For pensioners BAHOT KHOOB SIR

[vijaytikku]

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.

[manasdas]

Please explain if taxable income is 650000 for senior citizen under new tax regime

[anuragshukla]

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

[P.S.R..]

For example mera account me 50000 hain..aur mai usko upi transfer ki jariye friend ko send kiya tho friend invest karke vo ulta 55000 karke send kia vaise hi baar bar friend ko send kiya aur 5000 faida aneka badha muje send kiya tho firse invest ..aur total financial year starting me balance 50000 tha aur financial year ending ending me 250000 hua ek financial year me tho iska itr file karna hai kya ..????

[surendrannair]

Kindly explain, what are the incomes under Sec 80C, 80CCD and 80GG

[vibhavaridalvi]

V.super, , but i want know pension other income means intrest to be add with toral income or to be shown diferent cloum or only txable income has to take for calculation