Male ? Female Sr citizen 5 lac income What is the tax ?

Forums Budget 2017 Male ? Female Sr citizen 5 lac income What is the tax ?

Male ? Female Sr citizen 5 lac income What is the tax ?

If allowable saving done what`s the limit

Profile photo of Sunita Bhide Asked By: Sunita 3 replies 3 helpful answers Last Updated: 6 months, 1 week ago
  • Profile photo of Sunita BhideSunita
    Participant

    If allowable saving done what`s the limit

  • Profile photo of Sunita BhideSunita
    Participant

    What is the max income with zero tax and max 80C savings

  • Profile photo of Sunita BhideSunita
    Participant

    Awaited

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Income tax laws no more discriminate between male and female taxpayer.
    Revised income tax slab for individual tax payers & HUF (60 years old or more but less than 80 years old) (both men & women) are:
    1. Income up to Rs. 3,00,000 – No Tax
    2. Income from Rs. 3,00,000 – Rs. 5,00,000 – 5%
    3. Income from Rs. 5,00,000 – 10,00,000 – 20%
    4. Income more than Rs. 10,00,000 – 30%
    Surcharge:
    10% of income tax, where total income is between Rs. 50 lakhs and Rs.1 crore.
    15% of income tax, where total income exceeds Rs.1 crore.
    Cess: 3% on total of income tax + surcharge.
    Section 87A provides a relief up to Rs. 2,500 and it is proposed to be made available to only those resident individuals whose total income does not exceed ` 3,50,000.
    So if a senior citizen invest Rs. 1,50,000 in 80C his taxable income will be reduced Rs. 50,000 (Rs. 5,00,000- Rs. 4,50,000) which will be taxable @ 5% i.e. tax of Rs. 2,500. Further he will be eligible for Rs. 2,500 rebate u/s. 87A. Therefore effectively he will be paying zero tax.

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