ADVERTISEMENT
Daily Expert News
No Result
View All Result
Saturday, February 4, 2023
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Daily Expert News
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
No Result
View All Result
Daily Expert News
No Result
View All Result
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Arts & Culture
  • Education & Career
  • India
  • Politics
  • Top Stories
Home Economy Tax News

Plate Income Tax for Seniors after Budget 2022; Everything you need to know

by Nick Erickson
February 2, 2022
in Tax News
128 5
0
Direct tax collections exceed budget estimates after 3 years
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


Finance Minister Nirmala Sitharaman presented the 2022-23 Union budget in parliament on February 1. taxpayers will continue to pay the same tax rate, depending on the tax regime chosen for FY 2022-23.

Current income tax plates for individuals (resident or non-resident), 60 years or more but less than 80 years old at any time in the previous year:

1643800238 789 Plate Income Tax for Seniors after Budget 2022 Everything you

Current income tax plates for individuals (resident or non-resident) aged 80 or older in the previous year:

ADVERTISEMENT
1643800239 144 Plate Income Tax for Seniors after Budget 2022 Everything you

As of April 1, 2020, an individual salaried taxpayer has been given the option to continue with the old tax regime and to use deductions/tax exemptions such as section 80C, 80D deductions, HRA, MJA tax exemptions, etc. or to opt for the new tax. regime and waiving about 70 deductions and tax exemptions. The new tax regime offers lower tax rates compared to the old tax regime.

Under both income tax regimes, a tax refund of up to Rs 12,500 is available to an individual taxpayer under Section 87A of the Income-tax Act, 1961. This would basically mean that individuals with net taxable income up to Rs 5 lakh will not pay no income tax, regardless of their chosen tax regime.

Another thing to keep in mind is that under the old tax regime, the basic exemption limit for an individual taxpayer depends on their age and residential status. However, under the new tax system, the basic exemption limit is Rs 2.5 lakh in a fiscal year.

There are two important points that should be noted according to the website of the Tax Authorities:

-The rates of the supplement and the healthcare and education levy are the same under both tax regimes (old and new).

– Discount u/s 87 – A resident whose total income does not exceed Rs 5,000,000 is also eligible for a discount of up to 100 percent of income tax or Rs 12,500, whichever is the lower. This discount is available in both tax regimes.

In the 2021 Union budget, Finance Minister Nirmala Sitharaman announced that seniors over 75, who have only pension and interest as a source of income, will be exempt from filing income tax returns. During her budget speech, Sitharaman said: “In the 75th year of our country’s independence, the government will reduce the compliance burden for seniors aged 75 and over.”

It should be noted that the seniors who are over 75 years of age are not exempt from paying taxes, but only from filing income tax returns (ITR) if they meet certain conditions. The exemption from filing income tax returns would only be available in the event that the interest income is earned at the same bank where the pension is deposited.

Read all the latest news, breaking news and general elections here.

Tags: budgetDailyExpertNewsIncomeplateseniorsTax

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Related Posts

GST Council Highlights: Tariff Reduction; Decriminalized 3 types of crime, increased prosecution tax limit
Tax News

The 49th meeting of the GST Council will take place on February 18; Here are issues that are likely to be discussed

February 4, 2023
Opting for New Tax Regime 2023? Know 3 tax deductions you can claim
Tax News

Opting for New Tax Regime 2023? Know 3 tax deductions you can claim

February 3, 2023
New Income Tax Scheme vs. Old Scheme, Budget 2023: Which One Should You Choose in FY24?
Tax News

New Income Tax Scheme vs. Old Scheme, Budget 2023: Which One Should You Choose in FY24?

February 2, 2023
Budget 2023: Six money-related announcements that could affect your personal finances
Tax News

Budget 2023: Six money-related announcements that could affect your personal finances

February 1, 2023
Budget 2023: What are Section 80C, 80D of the Income Tax Act?
Tax News

Budget 2023: What are Section 80C, 80D of the Income Tax Act?

January 31, 2023
Budget 2023: Tax reduction measures that companies and individuals expect
Tax News

Budget 2023: Tax reduction measures that companies and individuals expect

January 18, 2023
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
This optical illusion has a revelation about your brain and eyes

This optical illusion has a revelation about your brain and eyes

June 6, 2022
NDTV Coronavirus

Viral video: Chinese woman pinned down, Covid test carried out by force

May 5, 2022
NDTV News

TGIF Mood: Video of Bear Cub Dancing in the Forest Melts 2.5 Million Hearts

June 3, 2022
Hundreds In Sarees At UK

Hundreds of sarees at Britain’s Royal Ascot Horse Race to help Indian weavers

June 16, 2022
The shock of chopping up a Chanel bag

The shock of chopping up a Chanel bag

1
NDTV News

Watch: Researchers Discover the World’s Largest Factory in Australia

1
Skyrocketing global fuel prices threaten livelihoods and social stability

Skyrocketing global fuel prices threaten livelihoods and social stability

1
No Guns, No Dragons: Her Video Games Capture Private Moments

No Guns, No Dragons: Her Video Games Capture Private Moments

1
Live updates: Russia's war in Ukraine

Live updates: Russia’s war in Ukraine

February 4, 2023
UAE Hosts Asia Cup Initially Awarded to Pakistan: Report | Cricket news

UAE Hosts Asia Cup Initially Awarded to Pakistan: Report | Cricket news

February 4, 2023
These forest reserves are the best tiger spotting zones in India

These forest reserves are the best tiger spotting zones in India

February 4, 2023
Amid Assam Child Marriage Crackdown, A Suicide And Protests

Amid crackdown on child marriage in Assam, a suicide and protests

February 4, 2023
ADVERTISEMENT

Recent News

Live updates: Russia's war in Ukraine

Live updates: Russia’s war in Ukraine

February 4, 2023
UAE Hosts Asia Cup Initially Awarded to Pakistan: Report | Cricket news

UAE Hosts Asia Cup Initially Awarded to Pakistan: Report | Cricket news

February 4, 2023

Categories

  • Africa
  • Americas
  • art-design
  • Arts
  • Arts & Culture
  • Asia Pacific
  • Astrology News
  • books
  • Books News
  • Business
  • Cricket
  • Cryptocurrency
  • Dance
  • Dining and Wine
  • Economy
  • Education & Career
  • Entertainment
  • Europe
  • Fashion
  • Food
  • Football
  • Gadget
  • Gaming
  • Golf
  • Health
  • Hot News
  • India
  • Indians Abroad
  • Lifestyle
  • Markets
  • Middle East
  • Most Shared
  • Motorsport
  • Movie
  • Music
  • New York
  • Opinion
  • Politics
  • press release
  • Real Estate
  • Review
  • Science & Space
  • Sports
  • Sunday Book Review
  • Tax News
  • Technology
  • Television
  • Tennis
  • Theater
  • Top Movie Reviews
  • Top Stories
  • Travel
  • Uncategorized
  • Web Series
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links

We bring you the Breaking News,Latest Stories,World News, Business News, Political News, Technology News, Science News, Entertainment News, Sports News, Opinion News and much more from all over the world

©Copyright DailyExpertNews 2022

No Result
View All Result
  • Contact Us
  • Home
  • Top Stories
  • World
  • Economy
  • Business
  • Opinion
  • Markets
  • India
  • Education & Career
  • Arts
  • Advertisement
  • Tax News
  • Markets

©Copyright DailyExpertNews 2022

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?