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
|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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