You may or may not be free from paying income tax after age 70, depending on your circumstances. No matter what age you are, you may not have to file or pay income taxes, especially if you don’t earn a dollar of income during the tax year.

What is the tax rebate for senior citizens?

Senior citizens are eligible to get deduction up to Rs 50,000 u/s 80TTB on interest earned from banks and Post Office on savings account, fixed deposits and recurring deposits. On the other hand, individuals below 60 years of age get a deduction up to Rs 10,000 only on interest on savings account u/s 80TTA.

Which is the tax slab for super senior citizens in India?

Income from Rs 300,001 to Rs 5 lakh is taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent. For super senior citizens, aged 80 years and above, income up to Rs 5 lakh is exempt from tax.

Which is the new tax slab in India?

The new tax regime does not offer additional tax savings beyond the income level of Rs 15 lakh i.e. the total deduction/exemption needed to be claimed to break even in both tax regimes remains the same after income level of Rs 15 lakh i.e. Rs 2,41,667.

Are there any income tax slabs for senior citizens?

The table below has the complete information about the income tax slab that will be followed according to the recent budget issue: As can be seen from the table above, there is no tax applicable on senior citizen’s income in case their salary is below Rs 3 lakhs.

How are tax liabilities calculated for senior citizens in India?

The tax liabilities for senior citizens are calculated on the basis of their salary, house rent and fixed allowances, alongside other income sources. Now, assuming that most senior citizens in India do not have a steady source of income, they are eligible for a higher exemption limit than those below 60 years of age.