8 Simple Ways to Save Your Taxes

B. In Case of Senior Citizens (Age above 60 years but below 80 years):

Income Bracket 0 to Rs.2,50,000 - Rate 0 percent

Income Bracket Rs.2,50,001 to Rs.5,00,000 - Rate 10 percent

Income Bracket Rs.5,00,001 to Rs.10,00,000 - Rate 20 percent

Income Bracket Above Rs.10,00,000 - Rate 30 percent

C. In Case of Very Senior Citizens (Age 80 years and above):

Income Bracket 0 to Rs.5,00,000 - Rate 0 percent

Income Bracket Rs.5,00,001 to Rs.10,00,000 - Rate 20 percent

Income Bracket Above Rs.10,00,000 - Rate 30 percent

* On final tax amount, a surcharge of 3 percent

**No surcharge above 10 lacs.

What is referred as Income from Salary?

Wages and allowances It includes all monthly remuneration paid by your employer like base salary, bonus, house rent allowance, conveyance allowance, etc.

Perquisites It includes all benefits provided by your employer company leased accommodation, car, free education, etc.

Profit in lieu of salary It includes non-recurring, one-time payments made by your employer e.g. joining bonus, compensation for termination of employment or modification in the terms of employment etc.

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