Union Budget 2010: Tax impact for resident senior citizens

By ET Bureau | Feb 26, 2010, 02.17 PM IST

Tax Impact for Resident Senior Citizens
Gross Total Income (Rs)	3,00,000		5,00,000
	A.Y. 2010-11	A.Y. 2011-12	A.Y. 2010-11	A.Y. 2011-12
Gross Income	300000	300000	500000	500000
Tax Benefit u/s 80C	100000	100000	100000	100000
Tx exemption under Infra Bonds		20000		20000
Net Taxable Income post sec. 80C	200000	180000	400000	380000
Income Exempt from Tax as per slabs	240000	240000	240000	240000
Taxable Amount	0	0	160000	140000
Amount taxable @ 10%	0	0	60000	140000
Amount taxable @ 20%	0	0	100000	0
Amount taxable @ 30%	0	0	0	0
Tax Amount Pre-Cess	0	0	26000	14000
Education cess @3%	0	0	780	420
Total Tax Payable	0	0	26780	14420

Tax Impact for Resident Senior Citizens
Gross Total Income (Rs)	8,00,000		10,00,000
	A.Y. 2010-11	A.Y. 2011-12	A.Y. 2010-11	A.Y. 2011-12
Gross Income	800000	800000	1000000	1000000
Tax Benefit u/s 80C	100000	100000	100000	100000
Tx exemption under Infra Bonds		20000		20000
Net Taxable Income post sec. 80C	700000	680000	900000	880000
Income Exempt from Tax as per slabs	240000	240000	240000	240000
Taxable Amount	460000	440000	660000	640000
Amount taxable @ 10%	60000	260000	60000	260000
Amount taxable @ 20%	200000	180000	200000	300000
Amount taxable @ 30%	200000	0	400000	80000
Tax Amount Pre-Cess	106000	62000	166000	110000
Education cess @3%	3180	1860	4980	3300
Total Tax Payable	109180	63860	170980	113300

Tax Impact for Resident Senior Citizens
Gross Total Income (Rs)	15,00,000
	A.Y. 2010-11	A.Y. 2011-12
Gross Income	1500000	1500000
Tax Benefit u/s 80C	100000	100000
Tx exemption under Infra Bonds		20000
Net Taxable Income post sec. 80C	1400000	1380000
Income Exempt from Tax as per slabs	240000	240000
Taxable Amount	1160000	1140000
Amount taxable @ 10%	60000	260000
Amount taxable @ 20%	200000	300000
Amount taxable @ 30%	900000	580000
Tax Amount Pre-Cess	316000	260000
Education cess @3%	9480	7800
Total Tax Payable	325480	267800
Note: Only Sec 80C deduction has been assumed and excess deduction of Rs20000 in Infrastructure bonds in current amendments has not been taken into account and taxation for Senior Citizens.

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