2024 Tax Brackets For Seniors Over 70 . Income tax exemption limit is up to rs.2.5 lakh. Federal tax brackets will see a 5.4% rise from 2023, meaning that taxpayers whose salaries have not kept pace with inflation may be able to shield more of their income.
Tax applicable for individuals over 60 years and under 80 years. The government has structured the income tax slabs for senior.
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2024 Tax Brackets Taxed Right , Senior citizens, aged 60 and above but below 80, have a higher exemption limit of rs.
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2024 Tax Brackets For Seniors Brigit Vivyanne , In india, income tax is calculated using income tax slabs and rates for the applicable financial year (fy) and assessment year (ay).