60+ taxpayers get a bonanza

Mar 01, 2011 |

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Union budget

Feb. 28: Male taxpayers and senior citizens have reason to cheer as the Union finance minister, Mr Pranab Mukherjee, raised the threshold limit for individual. This has been raised by Rs 20,000 to Rs 1,80,000 for male taxpayers, while for senior citizens it has been raised by Rs 10,000 to Rs 2,50,000. Also, the qualifying age for senior citizen status has been reduced from 65 to 60.

He has also introduced a new category of “very senior citizen” — those aged 80 and above — for whom the exemption limit has been raised to `5 lakh. There is, however, no change in tax slabs of women taxpayers. They will be exempt from I-T till Rs 1.9 lakh. Individual taxpayers will save Rs 2,000. The tax rates remain unchanged.

Income between Rs 1.8 lakh and Rs 5 lakh will be taxed at 10 per cent. and between Rs 5 lakh and `8 lakh will be taxed at 20 per cent. All income above Rs 8 lakh would be taxed at 30 per cent. “Individuals in the 60-65 age group are the maximum gainers — they will now enjoy the exemption limit for senior citizens,” said the direct tax expert, Mr Subhash Lakhotia.

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