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
Rs. 5,00,000 to Rs. 10,00,000
Above Rs. 10,00,000

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
Up to  3 lakh
5% on 2 lakh (5 lakh – 3 lakh)
20% on 256353 (756353 – 5 lakh)

Total tax - 61269

Hope This Helps 

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