Skip Navigation
0 of 0 Displaying
 |   Displaying

No Results

    Calculated Income Tax For Senoir Citizens | PNB Metlife

    How is Income Tax Calculated for Senior Citizens?

    Last Updated On 05-04-2022

    Every year, the Income Tax (IT) Department cuts a portion from the income of salaried individuals, business owners, senior citizens, and other tax-paying employees/entities as tax. The IT department doesn’t do this directly but relies on the individual taxpayer or organization to file their taxes at the end of the financial year.

    Get a Callback

    OTP sent successfully

    Thank you for getting in touch with us. We will contact you shortly.


    However, the IT department and the Government of India aim to provide relief to senior citizens in tax deductions. So, they ensure senior citizens have to pay less than individuals below 60 years of age. Senior citizens are persons between 60 and 80 years of age.

    Read on to learn how income tax is calculated for senior citizens and the income tax rates in the financial year (FY) 2023 - 2024.

    How is Income Tax Calculated for Senior Citizens?

    To calculate how much income tax is payable, senior citizens must add their total income earned from all sources. These sources can include their salary, pension, house rent allowance, fixed deposit or other scheme earnings, capital gains, income from the house/ property they own, and income from other sources. Any gratuity, health insurance, or other retirement benefits earned are exempt from tax deductions.

    To simplify things, senior citizens can use an income tax calculator. The income tax calculator needs information like the individual’s residential status, net taxable income, surcharge, education cess, and other factors to calculate their total tax liability.

    One also needs to refer to and fill out the ITR form, which they fall under. For senior citizens, these include ITR 1 (or SAHAJ form) and ITR 2. Under ITR 1, the senior citizen’s total income includes income earned from:

    • Salary/ pension
    • House/ property
    • Other sources

    Under ITR 2, the senior citizen’s total income includes income earned from:

    • Salary/ pension
    • House/ property
    • Capital gains
    • Other sources
    • Combined sources like spouse/other family members

    Once you come to your total tax liability, you have to refer to the income tax slab for FY 2023 - 24. Once you have all the details, you can use the calculator to determine your taxable income.

    What are the Income Tax Slabs/Rates for Senior Citizens in FY 2023 – 2024?

    The Government of India introduced a new tax regime for senior citizens taxpayers in the Union Budget of 2023. Under this regime, senior taxpayers can choose between the recently introduced tax slab/tax rates or the new tax regime of FY 2023 – 2024 onwards.
    Under the old tax regime, senior citizens had a lower tax liability than individuals below 60 years of age. However, in the new tax regime, there is no higher tax exemption limit for senior citizens. Here are the income tax slabs/rates for senior citizens in FY 2023 – 2024 under the new tax regime.

    Old Tax Regime Slabs

    Here are the income tax slabs/ rates for senior citizens in FY 2023 – 2024 under the old regime.

    Income Range Tax Rate (Senior Citizen, 60-80 years) Tax Rate (Super Senior Citizen, 80 years and above)
    Up to ₹3,00,000 Nil Nil
    ₹3,00,001 to ₹5,00,000 5% Nil
    ₹5,00,001 to ₹10,00,000 20% 20%
    Above ₹10,00,000 30% 30%

    New Tax Regime Slabs

    Income Range Tax Rate
    Up to ₹3,00,000 Nil
    ₹3,00,001 to ₹6,00,000 5%
    ₹6,00,001 to ₹9,00,000 10%
    ₹9,00,001 to ₹12,00,000 15%
    ₹12,00,001 to ₹15,00,000 20%
    Above ₹15,00,000 30%

    Note: While calculating the tax as per the new regime, no standard deduction and deduction under chapter VIA of the Income Tax Act, 1961 is applicable to the assessee.


    To reduce your taxable income as a senior citizen, you can invest in various tax-saving funds. One of the best tax-saving investments is life insurance. Life insurance is among the best tax-saving plans.

    You can choose from savings plans, annuity plans, endowment plans, unit-linked insurance plans, and others that are tax-saving. They can eventually help you create wealth in the long run. Know more about term plans and term insurance at PNB MetLife.

    The income tax is levied on all earning individuals who fall under a taxable income bracket. The income tax is paid to the Government of India and is charged annually. However, there are several tax deductions and exemptions that you can claim to lower your tax liability.

    The Income Tax Calculator helps you ascertain your tax output for a financial year based on your taxable income. This can help you plan well and save tax using tax-saving deductions and exemptions.


    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website:, Email: or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.



    How To Pay Zero Tax | PNB Metlife


    If you’re a salaried employee and earning around Rs. 9.5 lacs per year, the burden of income tax could erode a huge portion of your earnings. Fortu...

    Difference Between Direct Tax and Indirect Tax | PNB Metlife


    In India, the taxes levied by the government are divided into direct and indirect taxes. The direct and indirect taxes in India are differentiated ...


    In India, income tax is a direct tax levied by the Central government. The tax structure in India follows an equitable model wherein everybody is t...


    Financial decisions you should not delay while getting Life Insurance

    What school doesn’t teach you is that your smartest financial decision will be to start planning early on. Without this knowledge, many fall prey t...


    Financial Planning Guide by PNB MetLife for 2020

    In the policy the investment risk in the investment portfolio is borne by the policyholder...

    Want to know more about how you can protect your family?

    See all our articles


    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at or You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

    Site best viewed in following browsers
    Chrome 70+ , IE 11+, Firefox 76+, Safari 11+

    Get a Callback Get a Callback

    Ask khUshi

    Hi! I’m khUshi. How can I help you?