https://www.incometax.gov.
in/iec/foportal/help/individual/return-applicable-2
Tax Slabs for AY 2022-23
Senior and Super Senior Citizens can opt for the Existing Tax Regime or the New Tax Regime with lower rate of taxation (u/s
115 BAC of the Income Tax Act)
The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and deductions (like
80C, 80D,80TTB, HRA) available in the Existing Tax Regime.
For Senior Citizen i.e. Resident Individual, 60 years or
more but less than 80 years of age at anytime during the
previous year:
Existing Tax Regime New Tax Regime u/s 115BAC
Income Income Tax
Income Tax Rate Income Tax Rate
Tax Slab Slab
Up to ₹ Up to ₹
Nil Nil
3,00,000 2,50,000
₹ 3,00,001 - ₹ 5% above ₹ ₹ 2,50,001 - ₹ 5% above
5,00,000 3,00,000 5,00,000 2,50,00
₹ 5,00,001 - ₹ ₹ 10,000 + 20% ₹ 5,00,001 - ₹ ₹ 12,500 + 10%
10,00,000 above ₹ 5,00,000 7,50,000 above
Above ₹ ₹ 1,10,000 + 30% ₹ 7,50,001 - ₹ ₹ 37,500 + 15%
10,00,000 above ₹ 10,00,000 10,00,000 above
₹ 10,00,001 - ₹ ₹ 75,000 + 20%
12,50,000 above
Existing Tax Regime New Tax Regime u/s 115BAC
Income Income Tax
Income Tax Rate Income Tax Rate
Tax Slab Slab
₹ 12,50,001 - ₹ ₹ 1,25,000 + 25%
15,00,000 above
Above ₹ ₹ 1,87,500 + 30%
15,00,000 above
For Super Senior Citizen i.e. Resident Individual 80 years
or more in age at anytime during the previous year:
Existing Tax Regime NeAw Tax Regime u/s 115BAC
Income Income Tax
Income Tax Rate Income Tax Rate
Tax Slab Slab
Up to ₹ Up to ₹
Nil Nil
5,00,000 2,50,000
₹ 5,00,001 - ₹ 20% above ₹ ₹ 2,50,001 - ₹ 5% above
10,00,000 5,00,000 5,00,000 2,50,00
Above ₹ ₹ 1,00,000 + 30% ₹ 5,00,001 - ₹ ₹ 12,500 + 10%
10,00,000 above ₹ 10,00,000 7,50,000 above
Existing Tax Regime NeAw Tax Regime u/s 115BAC
Income Income Tax
Income Tax Rate Income Tax Rate
Tax Slab Slab
₹ 7,50,001 - ₹ ₹ 37,500 + 15%
10,00,000 above
₹ 10,00,001 - ₹ ₹ 75,000 + 20%
12,50,000 above
₹ 12,50,001 - ₹ ₹ 1,25,000 + 25%
15,00,000 above
Above ₹ ₹ 1,87,500 + 30%
15,00,000 above
Note:
1. No increased basic exemption limit benefit will be available
to Senior and Super Senior Citizens in the New Tax Regime
2. The rates of Surcharge and Health & Education cess are
same under both the tax regimes
3. Rebate u/s 87-A Resident individual whose Total Income is
not more than ₹ 5,00,000 is eligible for a Rebate of 100% of
income tax or ₹ 12,500, whichever is less. This Rebate is
available in both tax regime s
Surcharge, Marginal Relief and Health & Education cess
What is Surcharge?
Surcharge is an additional charge levied for persons earning
income above the specified limits, it is charged on the amount of
Income Tax calculate as per applicable rates
10% - Taxable Income above ₹ 50 lakh – Up to ₹ 1 crore
15% - Taxable Income above ₹ 1 crore - Up to ₹ 2 cror
25% - Taxable Income above ₹ 2 crore - Up to ₹ 5 cror
37% - Taxable Income above ₹ 5 crore
Maximum Surcharge on Income by way of Dividend or
Income under the provision of 111A, 112A and 115AD is
15%
What is Marginal Relief?
Marginal relief is a relief from Surcharge, provided in cases where
the Surcharge payable exceeds the additional Income that makes
the person liable for Surcharge. The amount payable as
Surcharge shall not exceed the amount of Income earned
exceeding ₹ 50 lakhs, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectivel
What is Health and Education cess?
Health & Education cess @ 4% shall also be paid on the amount
of income tax plus Surcharge (if any)
Investments / Payments / Incomes on which I can get tax benefit
Section 24(b) – Deduction from Income from house property on interest paid on housing loan and housing improvement loan.
In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this
deduction is not available for person opting for New tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below:
Nature of When Loan Allowable
Purpose of Loan
Property was taken (Maximum Limit)
Construction or
On or after
purchase of house ₹ 2,00,000
01/04/1999
property
On or after For Repairs of house
₹ 30,000
01/04/1999 property
Self-
occupied
Construction or
Before
purchase of House ₹ 30,000
01/04/1999
property
Before For Repairs of house
₹ 30,000
01/04/1999 property
Construction or
Actual value
Let-out Any Time purchase of House
without any limit
property
Tax deductions specified under Chapter VIA of the Income Tax Act
These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC,
except for deduction u/s 80CCD(2) which will be allowable under New Tax Regime as well.
80C, 80CCC, 80CCD (1)
Deduction towards payments
made to
Life Insurance Premium
Provident Fund
Subscription to certain equity shares
Tuition Fees
80C National Savings Certificate
Housing Loan Principal
Other various items Combined deduction limit of
Annuity plan of LIC or other insurer towards
80CCC
Pension Scheme
80CCD
Pension Scheme of Central Government
(1)
80CCD (1B)
Deducti
on Deduction Limit of ₹ 50,000
towards
payment
s made
to
80CCD (1B)
Pension
Scheme
of
Central
Govern
ment,
excludin
g
deducti
on
claimed
under
80CCD
(1)
80CCD (2)
Deduction towards contribution made by an employer to the Pension
Scheme of Central Government
80CCD (2)
If
Emplo
yer is a
PSU,
State Deduction limit of 10% of salary
Govern
ment
or
others
If
Employ
er is
Central Deduction limit of 14% of salary
Govern
ment
80D
Deduction towards payments made to Health Insurance Premium &
Preventive Health check up
For
Self /
₹ 50,000 if any person is a Senior Citizen
Spous
e or
Depen ₹ 5,000 for preventive health check up, included in above limit
dent
Childr
80D
en
₹ 50,000 if any person is a Senior Citizen
For
Parent
s
₹ 5,000 for preventive health check up, included in above limit
Deduction towards medical expenditure incurred on a Senior Citizen, if no
premium is paid on health insurance coverage
For
Self /
Spouse
or
Deduction limit is ₹ 50,000
Depend
ent
Childre
n
For
Parent Deduction limit is ₹ 50,000
s
80DD
Deduct
ion
toward
s
payme
nts
made
toward
s
Mainte
nance
or
Medica Flat deduction of
l ₹ 75,000 available for a person with Disability, irrespective of expense
Treatm incurred
ent of
a
Disable The deduction is
d ₹ 1,25,000 if the person has Severe Disability (80% or more)
depend
ent or
paid /
deposit
ed any
amoun
t under
relevan
t
approv
ed
schem
e
80DDB
Deduct
ion
toward
s
payme
nts
made
toward
s
Medica Deduction limit of
l ₹ 40,000
Treatm (₹ 1,00,000 if Senior Ctizen)
ent of
Self or
depen
dant
for
specifi
ed
diseas
e
80E
Deduct
ion
Total amount paid towards interest on loan taken
toward
s
interes
t
payme
nts
made
on loan
for
80E
higher
educati
on of
Self or
relative
80EE
Deducti
on Deduction limit of
toward ₹ 50,000
s on the interest paid on loan taken
interest
payme
nts
made
on loan
taken
for
acquisi
tion of
residen
tial
house
propert
y where
the
loan is
sanctio
ned
betwee
n 1st
April
2016 to
31st
80EE
March
2017
80EEA
Deducti
on Deduction limit of
toward ₹ 1,50,000
s on the interest paid on loan taken
interest
payme
nts
made
on loan
taken
for
acquisi
tion of
residen
tial
house
propert
y for
the first
time
where
the
loan is
sanctio
ned
betwee
n 1st
April
2019 to
31st
80EEA
March
2022
and
deducti
on
should
not
have
been
claime
d u/s
80EE
80EEB
Deduct
ion Deduction limit of
toward ₹ 1,50,000
s on the interest paid on loan taken
interest
payme
nts
made
on loan
for
purcha
se of
electric
vehicle
where
the
loan is
sanctio
ned
betwee
80EEB
n 1st
April
2019
to 31st
March
2023
80G
Deduction towards Donations made to certain Funds, Charitable
Institutions, etc.
Donation are eligible for deduction under the below categories
100% deduction
Witho
ut any
limit
50% deduction
Subje
100% deduction
ct to
qualif
ying
limit 50% deduction
80GG
Deduction towards rent paid for house & applicable only for whom HRA is
not part of Salary
Least of the following shall be allowed as deduction
Rent paid reduced by 10% of Total ₹ 5,000 per 25% of Total Income
Income before this deduction month before this deduction
Note: Form 10BA to be filed for claiming this deduction
80GGA
Deduction towards Donations made for Scientific Research or Rural
Development
Donation are eligible for deduction under the below categories
Research Association or University, College or other Institution for
Scientific Research
Social Science or Statistical Research
Association or Institution for
Rural Development
Conservation of Natural Resources or for Afforestation
PSU or Local Authority or an Association or Institution approved by the
80GGA
National Committee for carrying out any eligible project
Funds notified by Central Government for
Afforestation
Rural Development
National Urban Poverty Eradication Fund as setup and notified by Central
Government
Note: No deduction shall be allowed under this Section in respect of
donation made in cash exceeding ₹ 2000/- or if Gross Total Income
includes Income from Profit / Gains from Business / Profession
80GGC
Deduct
ion
toward
s
Donati
ons
made
to Deduction of total amount paid through any mode other than cash
Politic
al
Party
or
Elector
al
Trust
80TTB
Deduct
ion on
interes
t
receive
d on
Deduction limit of
deposi
₹ 50,000
ts by
Reside
nt
Senior
Citizen
s
80U
Deduc
tions
for an Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense
individ incurred
ual
taxpay
Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more),
er
irrespective of expense incurred
with
Disabi
lity
In addition to tax benefits applicable regardless of age of taxpayer, there are certain enhanced / additional benefits for
Senior / Super Senior Citizen. The additional benefits are listed below:
Paper filing of Income Tax Return
Super Senior Citizens (aged 80 years or more) have the option to submit their ITR using Form 1 or 4 in offline / paper mode.
The e-Filing option also remains available to them.
Relief from payment of Advance Tax
As per Section 208, every person whose estimated tax liability for the year is ₹ 10,000 or more, shall pay his tax in advance, in
the form of Advance Tax. But, Section 207 gives relief from payment of Advance Tax to a Resident Senior Citizen. Thus, a
Resident Senior Citizen, not having any Income from Business or Profession, is not liable to pay Advance Tax.
Income tax deduction on interest on bank deposits
Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post office or co-
operative banks. The deduction is allowed for a maximum interest income of up to ₹ 50,000 earned by the Senior Citizen. Both
the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.
Also, u/s 194A of the Income Tax Act, no Tax is Deducted at Source (TDS) on interest payment of up to ₹ 50,000 by the bank,
post office or co-operative bank to a Senior Citizen. This limit is to be computed for every bank individually.
Tax benefits with respect to medical insurance and expenditure
According to Section 80D of the Income Tax Act, Senior Citizens may avail a higher deduction of up to ₹ 50,000 for payment
of premium towards medical insurance policy. The limit is ₹ 25,000 in case of Non-Senior Citizens.
Further Section 80DDB of the Income Tax Act allows tax deduction on expenses incurred by an individual on himself or a
dependent towards the treatment of specific diseases as stated in the act. The maximum deduction amount in case of a senior
citizen is ₹ 1 lakh (₹ 40,000 for Non-Senior Citizen taxpayers).
Page Last Reviewed or Updated: 01-Apr-20
