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New income tax rates proposed in budget 2010 for senior citizens for assessment year 2011-12/ financial year 2010-11. In the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, New income tax rates proposed in budget 2010 for assessment year 2011-12/ financial year 2010-11 is as follows:-
| SLAB | INCOME TAX RATE |
| Upto Rs. 2,40,000 | Nil. |
| Rs. 2,40,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 8,00,000 | 20 per cent. |
| Above Rs. 8,00,000 | 30 per cent. |
No Surcharge.
Impact of Budget 2010 on taxation of Resident Senior Citizens
| Gross Total Income (Rs) | 3,00,000 | 5,00,000 | 8,00,000 | 10,00,000 | ||||
| A.Y. 2010-11 | A.Y. 2011-12 | A.Y. 2010-11 | A.Y. 2011-12 | A.Y. 2010-11 | A.Y. 2011-12 | A.Y. 2010-11 | A.Y. 2011-12 | |
| Gross Income | 300000 | 300000 | 500000 | 500000 | 800000 | 800000 | 1000000 | 1000000 |
| Tax Benefit u/s 80C | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 | 100000 |
| Tx exemption under Infra Bonds | 20000 | 20000 | 20000 | 20000 | ||||
| Net Taxable Income post sec. 80C | 200000 | 180000 | 400000 | 380000 | 700000 | 680000 | 900000 | 880000 |
| Income Exempt from Tax as per slabs | 240000 | 240000 | 240000 | 240000 | 240000 | 240000 | 240000 | 240000 |
| Taxable Amount | 0 | 0 | 160000 | 140000 | 460000 | 440000 | 660000 | 640000 |
| Amount taxable @ 10% | 0 | 0 | 60000 | 140000 | 60000 | 260000 | 60000 | 260000 |
| Amount taxable @ 20% | 0 | 0 | 100000 | 0 | 200000 | 180000 | 200000 | 300000 |
| Amount taxable @ 30% | 0 | 0 | 0 | 0 | 200000 | 0 | 400000 | 80000 |
| Tax Amount Pre-Cess | 0 | 0 | 26000 | 14000 | 106000 | 62000 | 166000 | 110000 |
| Education cess @3% | 0 | 0 | 780 | 420 | 3180 | 1860 | 4980 | 3300 |
| Total Tax Payable | 0 | 0 | 26780 | 14420 | 109180 | 63860 | 170980 | 113300 |
Note: Only Sec 80C deduction has been assumed and excess deduction of Rs20000 in Infrastructure bonds in current amendments has been taken into account.
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