Exclusive Benefits Available To Senior Citizens In Income Tax.
Income tax is levied on the income earned by all the individuals, HUF, partnership firms , LLPs and Corporates as per the Income tax Act of India. In the case of individuals, tax is levied as per the slab system if their income is above the minimum threshold limit (known as basic exemption limit).
These slab rates are different for different categories of taxpayers. Income tax has classified three categories of “individual “taxpayers such as:
Individuals including residents and non-residents,
Resident Senior citizens and
Resident Super senior citizens.
Who is considered a senior citizen for Income Tax?
According to the Income Tax Act, a senior citizen is an individual resident between the age group of 60 to 80 years, as on the last day of the previous financial year.
Who is Considered as a Super Senior Citizen for Income Tax?
An individual resident above the age of 80 years, as on the last day of the previous financial year is regarded as super senior citizen.
8 Exclusive Income Tax Benefits for Senior Citizens.
The Indian Income Tax Act gives certain tax benefits to senior citizens and tries to make the income tax e-filing process hassle free, they are as follows:
1. The Elementary Exemption Benefit:
Every individual in India who falls under the income brackets is allowed for some elementary waivers.
The exemption limits are as follows:
Regular citizen = ₹2,50,000 p.a. (age upto 59)
Senior citizen = ₹3,00,000 p.a. (60+)
Super senior citizen = ₹5,00,000 p.a. (80+)
