Under the Income Tax Act, a senior citizen is defined as a resident individual aged 60 years or older, but less than 80 years during the previous year. A super senior citizen is a resident who is 80 years of age or older. According to reports from Mint, these classifications determine the tax rates applicable to individuals aged 60 and above, with different slabs for each age group under both the old and new tax regimes.
For individuals aged 60-80 years, the old tax regime offers tax-free income up to ₹3,00,000. The next slab of ₹3,00,001 to ₹5,00,000 is taxed at 5% on income above ₹3,00,000. Higher income brackets include ₹5,00,001 to ₹10,00,000 (₹10,000 + 20% above ₹5,00,000), ₹10,00,001 and above (₹1,10,000 + 30% above ₹10,00,000), and ₹16,00,001 to ₹20,00,000 (₹1,20,000 + 20% above ₹16,00,000). The ₹20,00,001 to ₹24,00,000 bracket is taxed at ₹2,00,000 + 25% above ₹20,00,000, with income above ₹24,00,000 taxed at ₹3,00,000 + 30% above ₹24,00,000.
For individuals aged 80 years and above, the old tax regime provides tax-free income up to ₹5,00,000. The next slab of ₹5,00,001 to ₹10,00,000 is taxed at 20% above ₹5,00,000. Higher income brackets include ₹10,00,001 to ₹12,00,000 (₹1,00,000 + 30% above ₹10,00,000), ₹12,00,001 to ₹15,00,000 (₹80,000 + 20% above ₹12,00,000), and ₹15,00,001 to ₹50,00,000 (₹1,40,000 + 30% above ₹15,00,000). The ₹50,00,001 to ₹1,00,00,000 bracket is taxed at ₹1,40,000 + 30% above ₹15,00,000, with income above ₹2,00,00,000 taxed at ₹1,40,000 + 30% above ₹15,00,000.
Under both regimes, no surcharge applies if total income is up to ₹50 lakh. For income between ₹50 lakh and ₹1 crore, a 10% surcharge applies, increasing to 15% for income between ₹1 crore and ₹2 crore. For income between ₹2 crore and ₹5 crore, the surcharge is 25% under both regimes. However, for income above ₹5 crore, the surcharge remains 25% under the new tax regime while increasing to 37% under the old tax regime. As reported by Mint, resident individuals are eligible for a rebate under Section 87A, with ₹60,000 rebate available under the new regime if taxable income does not exceed ₹12 lakh, effectively reducing tax liability to zero.
For Assessment Year 2026-27 covering income earned between April 1, 2025 and March 31, 2026, the last date for filing ITR is July 31, 2026 for most individuals. The filing process can be completed online through the Income Tax Portal or offline using the common utility. Key documents required include Form 16, Form 26AS, AIS statements, bank account statements, investment proofs, and rental receipts. The process involves selecting the correct ITR form based on income sources, verifying all pre-filled data, and ensuring proper documentation of all income sources and deductions. E-verification within 30 days of filing is mandatory to avoid return being treated as not filed.
