Union Budget 2010: Tax impact for resident senior citizens
Income tax rules for senior citizens in India
|
Tax Impact for Resident Senior Citizens
|
||||
|
Gross Total Income (Rs)
|
3,00,000
|
5,00,000
|
||
|
|
A.Y. 2010-11
|
A.Y. 2011-12
|
A.Y. 2010-11
|
A.Y. 2011-12
|
|
Gross Income
|
300000
|
300000
|
500000
|
500000
|
|
Tax Benefit u/s 80C
|
100000
|
100000
|
100000
|
100000
|
|
Tx exemption under Infra Bonds
|
|
20000
|
|
20000
|
|
Net Taxable Income post sec. 80C
|
200000
|
180000
|
400000
|
380000
|
|
Income Exempt from Tax as per slabs
|
240000
|
240000
|
240000
|
240000
|
|
Taxable Amount
|
0
|
0
|
160000
|
140000
|
|
Amount taxable @ 10%
|
0
|
0
|
60000
|
140000
|
|
Amount taxable @ 20%
|
0
|
0
|
100000
|
0
|
|
Amount taxable @ 30%
|
0
|
0
|
0
|
0
|
|
Tax Amount Pre-Cess
|
0
|
0
|
26000
|
14000
|
|
Education cess @3%
|
0
|
0
|
780
|
420
|
|
Total Tax Payable
|
0
|
0
|
26780
|
14420
|
|
Tax Impact for Resident Senior Citizens
|
||||
|
Gross Total Income (Rs)
|
8,00,000
|
10,00,000
|
||
|
|
A.Y. 2010-11
|
A.Y. 2011-12
|
A.Y. 2010-11
|
A.Y. 2011-12
|
|
Gross Income
|
800000
|
800000
|
1000000
|
1000000
|
|
Tax Benefit u/s 80C
|
100000
|
100000
|
100000
|
100000
|
|
Tx exemption under Infra Bonds
|
|
20000
|
|
20000
|
|
Net Taxable Income post sec. 80C
|
700000
|
680000
|
900000
|
880000
|
|
Income Exempt from Tax as per slabs
|
240000
|
240000
|
240000
|
240000
|
|
Taxable Amount
|
460000
|
440000
|
660000
|
640000
|
|
Amount taxable @ 10%
|
60000
|
260000
|
60000
|
260000
|
|
Amount taxable @ 20%
|
200000
|
180000
|
200000
|
300000
|
|
Amount taxable @ 30%
|
200000
|
0
|
400000
|
80000
|
|
Tax Amount Pre-Cess
|
106000
|
62000
|
166000
|
110000
|
|
Education cess @3%
|
3180
|
1860
|
4980
|
3300
|
|
Total Tax Payable
|
109180
|
63860
|
170980
|
113300
|
|
Tax Impact for Resident Senior Citizens
|
||
|
Gross Total Income (Rs)
|
15,00,000
|
|
|
|
A.Y. 2010-11
|
A.Y. 2011-12
|
|
Gross Income
|
1500000
|
1500000
|
|
Tax Benefit u/s 80C
|
100000
|
100000
|
|
Tx exemption under Infra Bonds
|
|
20000
|
|
Net Taxable Income post sec. 80C
|
1400000
|
1380000
|
|
Income Exempt from Tax as per slabs
|
240000
|
240000
|
|
Taxable Amount
|
1160000
|
1140000
|
|
Amount taxable @ 10%
|
60000
|
260000
|
|
Amount taxable @ 20%
|
200000
|
300000
|
|
Amount taxable @ 30%
|
900000
|
580000
|
|
Tax Amount Pre-Cess
|
316000
|
260000
|
|
Education cess @3%
|
9480
|
7800
|
|
Total Tax Payable
|
325480
|
267800
|
|
Note: Only Sec 80C deduction has been assumed and excess deduction of Rs20000 in Infrastructure bonds in current amendments has not been taken into account and taxation for Senior Citizens.
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