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What is the maximum amount of income on which there is NO tax in respect of senior citizens for Assessment Year 2018-19 ?

What is the maximum amount of income on which there is NO tax in respect of senior citizens for Assessment Year 2018-19 ? Correct Answer Rs. 3,00,000

The maximum amount of income on which there is NO tax in respect of senior citizens for Assessment Year 2018-19 is Rs. 3,00,000.

Key Points

  •  Senior citizens i.e. who are 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year doesn't require to pay tax on taxable income up to Rs. 3,00,000.
  • The tax slab rate in respect of senior citizens for AY 2018-19 is​​
Taxable Income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 – Rs. 5,00,000 5%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Related Questions

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