- Financial Express
New Tax Regime for Senior Citizens: Income Tax Calculator, Slabs, Rates and Rebates for FY 2023-24
New Tax Regime for Senior Citizens: Through Finance Act 2023, the Government has changed income tax rates under the New Tax Regime for taxpayers, including senior citizens. Now, there are only 5 rates ranging from 5% to 30% while income up to Rs 7 lakh is tax-free for those opting for the New Tax Regime.
Under the old tax regime, resident individuals with total income up to Rs 5 lakh are subjected to a Nil effective tax rate by way of claiming full rebate u/s 87A of the IT Act. However, with effect from 1st April 2023 (FY 2023-24), individuals opting for the new tax regime can claim full tax rebate u/s 87A of IT Act for total income up to Rs 7 lakh.