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