RATE of INCOME tax for a senior citizen EARNING Rs 6,00,000 per year in India is 20%.Income tax is that percentage of income paid to the government by the taxpayers for the development of the public at large.The income is categorized into different groups on the basis of the amount of income and each such group is known as a Tax Slab.The tax is charged at different rates on the range of income falling under different income tax slabs.The LAW that governs the provisions for our income tax is the Income Tax Act 1961.Tax for Individuals Below 60 Years Of AgeIncome LevelTax RateRs. 2,50,000-Rs. 2,50,001 - Rs. 500,00010%Rs. 500,001 - Rs. 10,00,00020%Above Rs. 10,00,00030% Tax for Senior CITIZENS (Age 60 years or more but less than 80 years)Income LevelTax RateUpto Rs. 3,00,000-Rs. 3,00,001 - Rs. 500,00010%Rs. 500,001 - Rs. 10,00,00020%Above Rs. 10,00,00030% Income tax slab rate applicable for New Tax regime – FY 2020-21Income Tax SlabNew Regime Income Tax Slab Rates for FY 2020-21(Applicable for All Individuals & HUF)Rs 0.0 – Rs 2.5 LakhsNILRs 2.5 lakhs- Rs 3.00 Lakhs5%Rs. 3.00 lakhs – Rs 5.00 LakhsRs. 5.00 lakhs- Rs 7.5 Lakhs10%Rs 7.5 lakhs – Rs 10.00 Lakhs 15%Rs 10.00 lakhs – Rs. 12.50 Lakhs 20%Rs. 12.5 lakhs- Rs. 15.00 Lakhs25%> Rs. 15 Lakhs30% Income tax slab rate applicable for New Tax regime – FY 2020-21 ( above 60 years of age and less than 80 years of age)Annual IncomeOld Tax RegimeUp to Rs.3 lakhNILRs.3 lakh - Rs.5 lakh5%Rs.5 lakh - Rs.10 lakh20%Above Rs.10 lakh30%