TDS - Tax Calculation for Senior Citizens (Assessment Year 2021-22)

TDS - Tax Calculation for Senior Citizens
Tax slab 2021-22 (Old tax regime slabs)
(who is 60 years or more at any time during the previous year)
Net Income Range
| Rate of Income-tax
|
Assessment Year 2021-22
| Assessment Year 2020-21
|
Up to Rs. 3,00,000
| -
| -
|
Rs. 3,00,000 to Rs. 5,00,000
| 5%
| 5%
|
Rs. 5,00,000 to Rs. 10,00,000
| 20%
| 20%
|
Above Rs. 10,00,000
| 30%
| 30%
|

Let’s now understand this with an example in TDS software
Here Total taxable income is - Rs 756343
Now let’s see how much money has to pay as taxes this year
Tax rate
| Amount
|
Up to 3 lakh
| 0
|
5% on 2 lakh (5 lakh – 3 lakh)
| 10,000
|
20% on 256353 (756353 – 5 lakh)
| 51269 |
Total tax - 61269
Hope This Helps
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