Income tax benefits for senior, super senior citizens

All you need to know about tax benefits for senior, super senior citizens Some significant benefits available to senior citizens and super senior citizens have been discussed in this article

Personal Finance : Income tax laws in India have been framed so as to provide senior citizens with the maximum possible income tax benefits. Some significant benefits available to senior citizens (above 60 years of age) and super senior citizens (above 80 years of age) have been discussed in this article.

Higher basic threshold limit First and foremost, resident senior citizens and resident super senior citizens enjoy a higher basic threshold limit of Rs 3 lakhs and Rs 5 lakhs respectively. This otherwise means income up to this limit is completely tax-free. Further, these taxpayers are also exempted from filing their income tax returns as long as their gross income falls within these limits.

Benefits under Section 80D Section 80D is a deduction that a taxpayer can claim from his gross income, of premium he pays to keep in force a medical insurance policy is‌read more

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