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

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 











    • Related Articles

    • 234C Interest calculation in case of senior citizen

      234C Interest not coming in case of senior citizen where no business income. The advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with ...
    • How to fill other exemption under section 10 details in salary detail

      How to fill other allowances details in salary detail Form 16 Part (B)- (F) Amount of any other exemption under section 10 Open the e-TDS software, Go to Deductee entry →  Salary detail  → Tax Deducted u/s 192 Select the employee from the list  > Now ...
    • Process to generate TDS Return (Salary / Non Salary / Non Resident / TCS)

      TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax ...
    • TDS - Interest Calculation

      How to calculate interest on late deduction and deposit in e-TDS Software  Interest on late deduction and late deposit of TDS/TCS is applicable at the rate of 1% and 1.5 % per month respectively. Here, 1% rate is applicable from the date on which tax ...
    • How to import salary details in income tax module from TDS software

      Solution: To import salary details in Income Tax module from TDS software you please go to Transactions > Salary Income option given in menu bar.                           Here,click on TDS Salary Import button and you will get the list of Deductors. ...