What is the highest tax rate including surcharge and cess for senior citizen individual in india
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The latest income tax (I-T) slabs applicable for financial year 2018-19 (assessment year 2019-20) are given below. These slabs and tax rates were announced in Budget 2018. Arun Jaitley, in his budget speech said that total cess on income tax will be increased to 4% but there will be no change in the existing tax slabs and income tax rates.
The basic exemption limit for an individual depends on his/her age as well as his/her residential status.
According to age, resident individual taxpayers are divided into three categories:
1. Resident individuals below the age of 60 years
2. Resident senior citizens of age between 60 years and above but below 80 years
3. Resident super senior citizens of above 80 years of age
The basic exemption limit for an individual depends on his/her age as well as his/her residential status.
According to age, resident individual taxpayers are divided into three categories:
1. Resident individuals below the age of 60 years
2. Resident senior citizens of age between 60 years and above but below 80 years
3. Resident super senior citizens of above 80 years of age
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