Question

R, a resident of India, is 61 years old. His total income for the assessment year 2020-21 is 5,15,000. His tax liability shall be: (A) 33,120 (B) 11,180 (C) 13,520 (D) 16,120​

Answer 1

Answer:

Where Gross Total Income is calculated by summing up earnings received as per all five heads of income. Total income is arrived at after deducting from Gross Total Income deductions under Section 80C to 80U (namely, Chapter VI A deductions) under the Income Tax Act 1961.

explanation

Income tax slab for Individual aged above 60 years to 80 years

Income Tax Slab Tax Slabs for Senior Citizens (Aged 60 Years But Less Than 80 Years)

Rs 0-.00- Rs. 3.00 lakh NIL

Rs 3.00 lakh- Rs 5.00 Lakh 5%

Rs 5.00 lakh – Rs 10 Lakh 20%

> Rs 10 Lakh 30%