Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
57 views
in GK by (237k points)
closed by
As per the Union Budget 2020-21, a Super Senior Citizen with net income up to ₹______ is exempt from Income Tax.
1. 7 lakhs
2. 7.5 lakhs
3. 5 lakhs
4. 5.5 lakhs

1 Answer

0 votes
by (239k points)
selected by
 
Best answer
Correct Answer - Option 3 : 5 lakhs

The correct answer is 5 lakhs.

  • As per the Union Budget 2020-21, a Super Senior Citizen with net income up to 5 lakhs is exempt from Income Tax. 
  • A very senior citizen enjoys an even higher exemption limit of Rs 5 lakh.
  • The tax liabilities for senior citizens are calculated on the basis of their salary, house rent, and fixed allowances, alongside other income sources.
Income Tax Slabs Rate of Tax
For individuals with an income of up to ₹5 Lakh Not applicable
For individuals with income ranging between ₹5 Lakh and ₹10 Lakh 20%
For individuals with income exceeding ₹10 Lakh 30%
  • There is an additional 4% health and education cess applicable over these tax slabs for super senior citizens.
  • Additionally, super-senior citizens with an income exceeding Rs. 50 Lakh per annum will also have to pay a surcharge over their applicable tax rates.
  • The surcharge is as follows:
    • Surcharge for individuals with a total annual income between Rs. 50 Lakh and Rs. 1 Crore - 10% of their income tax.
    • Surcharge for individuals with an annual income exceeding Rs. 1 Crore - 15% of their income tax.

  • Infrastructure in Budget 2021-2022:
    • Urban Infrastructure:
      • Expansion of metro rail network and augmentation of city bus service.
      • ‘MetroLite’ and ‘MetroNeo’ technologies will be used to provide metro rail systems at a much lesser cost with similar experience.
    • Power Infrastructure:
      • A comprehensive National Hydrogen Energy Mission 2021-22 to be launched.
      • Rs. 3,05,984 crore over 5 years for a revamped, reforms-based, and result-linked new power distribution sector scheme.
    • Ports, Shipping, Waterways:
      • Rs. 2,000 crores worth 7 projects to be offered in Public-Private Partnership (PPP)-mode in Financial Year (FY) 2021-22 for the operation of major ports.
    • Petroleum & Natural Gas:
      • Extension of Ujjwala Scheme to cover 1 crore more beneficiaries.
      • A new gas pipeline project in Jammu & Kashmir.
      • An independent Gas Transport System Operator to be set up for facilitation and coordination of booking of common carrier capacity in all-natural gas pipelines on a non-discriminatory open access basis.​

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...