Income Tax Slab 2023-24 for Senior Citizens: Union Budget 2023-24 proposed new income tax slabs and rates under the simplified tax regime, which is now also popularly known as the New Tax Regime. However, the announcement of the new tax slabs and rates under the new regime has raised several questions in the minds of taxpayers in the senior citizen and retired employees categories. The following details will remove all confusion about the new tax slab and rates applicable to senior citizens.
Available Tax Regime Options
Senior citizens can file their Income Tax Returns (ITR) either under the Old Tax Regime or the New Tax Regime. Both options will be available when you go for filing ITR for Assessment Year 2023-24. There is no change in this regard. Though New Tax Regime will appear as the default regime on the e-filing website, senior citizens will have the option to go for Old Tax Regime as well. (Also check: Tax slabs for super senior citizens)
Which Tax Slab and Rate will apply?
If you are filing ITR this year (i.e. for AY 2023-24 or FY 2022-23), the applicable tax slab and rates for return filing will be the same as it was in the previous year.
Thus, the tax slab and rates for ITR filing in AY 2023-24 will be as follows:
New Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
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Old Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2023-24 (FY2022-23)
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New Tax Regime Slabs and Rates for Senior Citizen ITR Filing in AY 2024-25 (FY2023-24)
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Read More: Does the middle-income class will benefit from new tax slabs in FY 2023-24?
Note: There is no change in the Old Tax Regime slabs and rates. This means you will be filing ITR at the same rates and slabs if opting for Old Regime as the previous year. The above settles the confusion over which tax slab and rates will be applicable for ITR filing this year and the next.