Which tax regime should retirees go for?

Frequent changes in tax policies and rates are becoming a real pain point for Indian investors. The more the government claims to ‘simplify’ and ‘rationalise’ taxation, the more complicated it seems to become.

tax regime retiree

After the 2024 budget’s attempt at simplification, we continue to get a stream of queries from investors. Are ETFs ‘listed securities’ and eligible for the 12-month definition of long-term? Do you get indexation benefits on debt funds bought before April 1 2023? Why are debt fund gains taxable at slab rates while other assets get to be taxed at 12.5% on long term gains? The truth is that there has been no official clarification on these issues, leaving us to rely on our  own interpretations.

While there may be no choice for folks in the earning phase of their career but to deal with these flip-flops, retirees can reduce the impact of such changes by shifting to the new tax regime. We offer five good reasons why retirees must shift to the new tax regime.  

#1 Lower rates and wider slabs

After the relaxations in the latest Budget, tax slabs under the new tax regime look like this.

While the new regime offers no special rates for seniors, the old regime does. The tax slabs for senior and super-senior citizens under the old regime, are as following.

Despite the absence of concessions, the new regime is more beneficial for seniors on the following counts.

  • For all individuals earning up to Rs 7 lakh per annum in income, the new tax regime is better than the old one, because you get an additional Rs 2 lakh of income rebated without having to park it in any specified vehicles. As retirees are likely to see a dip in income post-retirement, as they will be relying not on salary or profession, but income from investments and other sources, many of them may benefit from this rebate.  
  • For folks earnings more than Rs 7 lakh per annum and upto Rs 15 lakh, the new tax regime again offers wider slabs and better rates. Under the new regime, the 30% tax rate kicks in only beyond Rs 15 lakh of income, compared to Rs 10 lakh under the old regime. The new regime also offers a higher standard deduction of Rs 75,000 compared to Rs 50,000 under the old regime. Assuming a senior has no 80C, HRA, home loan etc and all his income is taxable, this is how the tax outgo compares in the new versus old regime, for FY25. This clearly tells us that irrespective of income levels, the new regime will mean a lower rate for 60 plus folk, compared to the old regime with its special rates for seniors.

#2 No need for tax saving investments

Many folks who are still in the earning phase don’t shift to the new tax regime because of legacy 80C investments, outstanding home loans on which they’re earning tax breaks or tax breaks on HRA/rental payments. Given ever-changing tax laws, we think making investment decisions on 8OC instruments or buying a home based wholly on tax breaks are fool-hardy.

This applies even more to retirees. Most of the popular 80C options such as PPF, small savings schemes, insurance, ULIPs etc (except for senior citizens savings scheme) are unsuitable for retirees and are meant for investors in the earning phase of their careers. 80C options also carry lock-in periods, which are undesirable for retirees who should prioritise liquidity. Hopefully, retirees would also not have any home loan commitment outstanding post-retirement. If they do, they should prepay it at the earliest.

Therefore, retirees can safely stop investing in 80C vehicles to move to the new tax regime. As HRA/rent/home loans are also unlikely to persist post-retirement, retirees can move to a cleaner tax structure (the new regime) that saves them a packet on taxes.

 # 3 Future sops

Signals from the Finance Ministry are clear that all future tax concessions, whether in the form of lower rates or better slabs, will only be granted under the new tax regime. This has already been evident in the last two budgets. Only the new regime has got the benefit of higher standard deduction, higher income rebate, wider slabs and lower rates, while the features of the old regime have remained untouched. Therefore, if you don’t want to be stuck with the current rates of taxation forever, it would be best to make the switch to the new regime.

# 4 Passive income taxed at slab rates

If there’s one clear message from recent Budgets, it is that any form of income that you earn from your investments will eventually be taxed at your slab rate.

Over the last few years, all forms of passive income – dividends from shares and mutual funds, interest on deposits, bonds, small savings schemes and even buybacks from companies – have been swept into an umbrella definition of ‘income’ and are getting taxed at your slab rate. In fact, even the accumulated gains in debt funds are being treated as interest income, and taxed at slab rates. This makes it clear that, if at all there are any income-generating vehicles that still enjoy capital gains taxation, this loophole will get plugged in future. 

Retirees are likely to rely more on passive income in the form of interest/dividends etc than capital gains, to meet their lifestyle needs. While you may need to manage your investments actively and churn your portfolio often, earning capital gains during your working years, you will likely rely more on a buy-and-hold strategy, with only occasional capital gains post-retirement. Now, capital gains enjoy a lower rate of taxation (at 20%/slab rates on short term and 12.5% on long term) than income in the form of interest, dividends etc.  This is true if you are especially in the highest tax bracket.

Therefore, the only way to reduce the bite of taxes on a chunk gf your income post-retirement, is to switch to the new tax regime which taxes you at lower rates. The above table comparing tax outgo at different levels of income, shows that you can manage a substantially higher post-tax return on income-generating assets, simply by switching to the new tax regime.

#5 Less stress and easier tax filings

Many seniors spend sleepless nights worrying about their tax filings and whether the taxman will accept it at face value or decide to send a notice. Keeping up with the ruling regime’s flip-flops on tax policy and switching your investments accordingly from time to time can be both exhausting and thankless. As a retiree, there’s no reason why you should unnecessarily subject yourself to such anxiety. Moving to the new tax regime at least ensures that you don’t have to worry about the taxman disputing the exemptions that you claim. Your annual tax return filing exercise will become much easier and refunds quicker.

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13 thoughts on “Which tax regime should retirees go for?”

  1. Hello
    For deep discount bond or 0% coupon bond, if held for more than 3 years, gains (difference between maturity value and purchase price) will be treated as interest or Capital gain tax. At what rate it will be axed ?Indexation benefit will be there or not? I have purchased this about 3 yrs back and matures in 2034.Am i protected by grandfathering concept?

    1. If you hold till maturity it is taxed as interest. otherwise, it will be treated like any other listed bond (if listed), where CG is 15% for holding over 1 year. Vidya

  2. My wife was bank employee, She was getting pension. After her demise, I am getting family pension. Can u tell wheather I am eligible to get standard deuction of Rs 75k or Rs 25k for FY 2024-25.
    Pl. Reply

  3. I didn’t fully understand the note by users here, but more or less thinking on the same lines..
    When the fixed income (Debt MFs, FDs, Dividends, Bond interests) crosses 16.5 L (where the effective slab rate becomes 12.5%), for additional needs one can draw from Arbitrage funds to keep the effective tax rates below 15%. So one cannot completely ignore their FDs, Debt MFs (short term) for withdrawing. This tax leverage [for now] of Arbitrage kicks in only when the expenses crosses 16.5L during a FY.

  4. I noticed a slight error in the text. The article is focused on retirees; but it mentions the standard deduction. This is available only for income under the head of salaries. Most retirees (unless they have government pension) won’t have income under this head and hence won’t have standard deduction.

  5. Sundararajan Srinivasan

    On investing/ holding PPF during the retirement years.

    Assumption:
    Income from all sources are (excl. LTCG) greater than say 25 lakhs. Assuming you have completed the base 15 years already in your working life. i.e. you are in a 5 year extension. You have opted for the new tax regime (i.e. no 80C)

    Thought:
    PPF with 7.1% after tax return (and once a year withdrawal) can still be a good way to drawdown your PPF holding and using it as a steady state income.
    Given that it already has a low interest rate, I don’t think GOI would lower the interest any further.

  6. Sundararajan Srinivasan

    Assumption:
    The income from all sources is greater that 16.5 Lakhs (and assuming the new tax regime). At that point the effective tax rate crosses 12.5%.

    Here’s a question/ thought:
    If you have Deep Discount Listed Bonds. It could be a way to reduce your tax liability (holding beyond 1 Year). I wonder if it’s time for this to become popular?
    It would be good if in the near future you cover about the Listed Deep Discount Bond in the market.

  7. You are openly criticizing the govt’s tax policy, calling them flip flops. Is anyone listening? Why are we not able to create a huge community of people burdened by excess tax and ensure we have the numbers to change an election result?

    1. Gopalakrishnan CS

      I am a retired person and found this article to be excellent.
      The biggest problem for retirees who are invested fully in mutual funds is irrespective of income and taxes in lower slabs now we have to pay stcg and ltcg taxes also. Hence I suggest and also shown in the article that income has to be covered up to up to 9 lakhs and the n additional income by booking long term capital gains only.
      To facilitate this don’t you think financial products should advertise the taxation mode?. Even in your screener you may mention that.

      1. Thank you! I think financial product cos are worried that if they advertise a tax loophole, it may get plugged! 🙂 On a more serious note SWPs help you get the benefit of ltcg taxation on regular cash flows

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History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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