Monday 30 January 2012

TAX RATE : SENIOR CITIZEN



Sir, I am a retired bank employee. My age is 63 and I have filed my income tax return. Is there any difference in the tax rate from the last year?
                        
                         A.Y. 2012-2013

 For resident Senior Citizens. (Age above 60 Years)

Up to Rs 2,50,000                             Nil
Rs. 2,50,001 to Rs. 5,00,000              10%
Rs. 5,00,001 to Rs. 8,00,000              20%
Above Rs. 8,00,000                           30%

                              
                            A.Y. 2011-2012

For resident Senior Citizens. (Age above 65 Years)

Upto Rs 2,40,000                                 Nil
Rs. 2,40,001 to Rs. 5,00,000                10%
Rs. 5,00,001 to Rs. 8,00,000                20%
Above Rs. 8,00,000                             30%



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