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Tax liability for Super Senior Citizen 80 years old man in income tax
Welcome to our new article “Tax liability for super senior citizen 80 years old man in income tax” which is most important for all but mainly for super senior citizens . Here you will be able to know about the income tax slab rate and also the tax benefits of super senior citizens.
An individual resident who is above 80 years, during the previous year is known as a super senior citizen. There are many ways in which they can earn. Their income can be either in the form of pension, rental income, fixed deposit etc.
(एक व्यक्तिगत निवासी, जो पिछले वर्ष के दौरान 80 वर्ष से अधिक है, एक सुपर वरिष्ठ नागरिक के रूप में जाना जाता है। ऐसे कई तरीके हैं जिनसे वे कमा सकते हैं। उनकी आय या तो पेंशन, किराये की आय, सावधि जमा आदि के रूप में हो सकती है।)
Tax liability for super senior citizen 80 years old man in income tax
Tax liability for Super senior citizen above 80 years old man
Income Rate (A.Y. – 2020-21) Rate (A.Y. 2021-22)
Up to Rs. 5, 00,000 – –
Rs. 5, 00,000 to 10, 00,000 20% 20%
Above Rs. 10, 00,000 30% 30%
SURCHARGE:-
- 10% of income tax – when total income exceeds Rs. 50 lakh
- 15% of income tax – when total income exceeds Rs. 1 crore
- 25% of income tax – when total income exceeds Rs. 2 crore
- 37% of income tax – when total income exceeds Rs. 5 crore
Note: Not applicable of surcharge in (25% to 37%) in the following cases-
- Short term capital gain u/s 111A
- long term capital gain u/s 112A
- Short term capital gain and long term capital gain u/s 115AD(1)(b)
Education cess: 4% on income tax plus surcharge
Note:
- A resident or resident but not ordinary resident (NOR) is entitled to rebate under section 87A of his total income does not exceeds Rs. 5, 00,000
- Rebate amount will be 100% of income tax or 12,500 whichever is less according Rebate u/s 87A.
- Standard deduction for A.Y. 2020-21 will be Rs. 50,000
Income tax special benefits for senior citizen
In India elder are get respect and the younger get love. Super senior citizens are the elder resident individuals who get respect. They should get attention and taken care of by all for their happy life after retirement. So the government has also focused some special income tax benefits for their happy life. By getting such tax benefits schemes the 80 years old man can happily survive their rest of life.
(भारत में बड़े लोगों को सम्मान मिलता है और छोटे को प्यार मिलता है। सुपर वरिष्ठ नागरिक बड़े निवासी हैं जिन्हें सम्मान मिलता है। उन्हें रिटायरमेंट के बाद अपने सुखी जीवन के लिए सभी का ध्यान आकर्षित करना चाहिए। इसलिए सरकार ने उनके खुशहाल जीवन के लिए कुछ विशेष आयकर लाभों पर भी ध्यान केंद्रित किया है। इस तरह की कर लाभ योजनाएं प्राप्त करने से 80 वर्ष का व्यक्ति अपना शेष जीवन सुखपूर्वक व्यतीत कर सकता है।)
It is most important to know if you or your senior citizen wants to avail the special tax benefits. 80 year old individual man have greater need for financial security after retirement. They have lots of challenges for surviving the rest of life. So the government has made a very wise plan for their retirement savings.
(यह जानना सबसे महत्वपूर्ण है कि क्या आप या आपके वरिष्ठ नागरिक विशेष कर लाभ का लाभ उठाना चाहते हैं। सेवानिवृत्ति के बाद वृद्ध व्यक्तियों को वित्तीय सुरक्षा की अधिक आवश्यकता होती है। जीवन के बाकी हिस्सों को जीवित रखने के लिए उनके पास बहुत सारी चुनौतियां हैं। इसलिए सरकार ने उनकी सेवानिवृत्ति बचत के लिए एक बहुत बुद्धिमान योजना बनाई है।)
For income tax purpose the super senior citizen get special benefits as government provide certain tax benefits for their saving which are as under:-
- Income tax rate:-
The income tax slab rate is very low for super senior citizens as compared to other individuals below 80 years old men.
(80 वर्ष से कम उम्र के पुरुषों की तुलना में सुपर वरिष्ठ नागरिकों के लिए income tax दर बहुत कम है।)
- Tax deduction on health insurance:-
Health benefits have been introduced which will help for the minimization of the medical expenses.
(स्वास्थ्य लाभ पेश किए गए हैं जो चिकित्सा खर्चों को कम करने में मदद करेंगे।)
- They can get tax deduction under section 80D of income tax act 1961
- Tax deduction below 60 years- Rs. 25,000 on health insurance
- Senior or super senior citizen – Rs.50000 on health insurance
- Allowance of medical treatment of critical diseases
- For senior citizen – Rs. 60,000
- For super senior citizen – Rs. 80,000 to Rs.1,00,000
It will reduce the tax burden and increase the financial security
- Benefits of income tax return
Super senior citizens have provision of filing of ITR through SAHAJ (ITR-1) and SUGAM (ITR-4) to claim refund of income tax.
(सुपर वरिष्ठ नागरिकों के पास income tax return का दावा करने के लिए SAHAJ (ITR-1) और SUGAM (ITR-4) के माध्यम से ITR दाखिल करने का प्रावधान है।)
- No advance tax:-
Advance tax means if the tax liability of an individual in a financial year is Rs. 10,000 or more , then senior or super senior citizens have no provision of payment of advance tax. They have to pay tax after receipt from income.
एडवांस टैक्स का मतलब अगर किसी वित्तीय वर्ष में किसी व्यक्ति की कर देनदारी रु। 10,000 या अधिक, तब वरिष्ठ या सुपर वरिष्ठ नागरिकों को अग्रिम कर के भुगतान का कोई प्रावधान नहीं है l उन्हें आय से प्राप्ति के बाद कर का भुगतान करना पड़ता है।
Conclusion:
From the above discussion it can be concluded that the govt. has given more importance over the tax benefits of super senior citizens. As a result an individual 80 years old man can get income tax benefits and they can happily survive their life.
(उपरोक्त चर्चा से यह निष्कर्ष निकाला जा सकता है कि सरकार सुपर वरिष्ठ नागरिकों के कर benefits पर अधिक महत्व दिया है। परिणामस्वरूप 80 वर्ष के व्यक्ति को income tax में लाभ मिल सकता है और वे खुशी से अपना जीवन जी सकते हैं।)
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