Benefits for Senior Citizens and Super Senior Citizens under Income-tax Act,1961
Higher Basic Exemption
Higher Deduction for Medical Insurance Premium
Higher Deduction for Interest from Banks and Post Offices
Exemption from filing an ITR and many more…
Income Tax Department
Central Board of Direct Taxes
At any time during the relevant financial year:
Note: Senior Citizen as well as Super Senior Citizen enjoys all the tax benefits available to non-senior citizens along with some special benefits.
Note: For other individual taxpayers, the basic exemption limit up to which she/he is not required to pay any tax is Rs. 2.5 lakh (For A.Y. 2023-24).
Note: Every person whose estimated tax liability for the year is Rs. 10,000/- or more, is liable to pay advance tax.
Note: If pension is less than Rs. 50,000/-, the deduction will be limited to the amount of pension received.
Note:
(i) A deduction u/s 80DD is allowed to a Resident Individual or HUF for medical expenditure or deposit in notified scheme for maintenance and medical treatment of a dependent with disability from Rs. 75,000/- to Rs. 1,25,000/- depending upon severity of disability. Deductions under this section shall also be allowed during the lifetime, i.e., upon attaining age of sixty years or more of the individual or the member of the HUF in whose name subscription to the scheme has been made and where payment or deposit has been discontinued.
(ii) Any annuity or lump sum amount received by the disabled dependent before his death shall not be taxable in the hands of the individual or member of the HUF w.e.f. AY 2023-24 and onward, if the said individual or the member of the HUF in whose name subscription to the scheme has been made attained the age of sixty years or more.
Note: For other taxpayers, the amount of deduction available in respect of expenses incurred for medical treatment of specified disease or ailments of self or dependent relatives u/s 80DDB is Rs. 40,000/-
Note: Individual taxpayers other than senior citizens are allowed maximum deduction of Rs. 10,000/- u/s 80TTA in respect of interest income from savings bank accounts.
Note: The Super Senior Citizen may opt for e-filing, if he chooses to do so.
The following categories of Senior Citizens are not required to file their ITR: —
Note:
(i) Applicable from A.Y. 2022-23
(ii) The specified bank shall be responsible for computing their total income and deducting tax thereon after giving effect to various deductions allowable under Chapter VI-A and rebate u/s 87A of the Act.
Income Slab | Rate of Income Tax |
Upto Rs. 3,00,000/- | Nil |
Rs. 3,00,001/- to Rs. 5,00,000/- | 5% (if taxable income is upto Rs. 5 lakh, the tax liability is Nil on account of tax relief u/s 87A) |
Rs. 5,00,001/- to Rs. 10,00,000/- | Rs. 10,000 + 20% of amount above Rs. 5,00,000/- |
Above Rs. 10,00,000/- | Rs. 1,10,000 + 30% of amount above Rs. 10,00,000/- |
Surcharge (subject to Marginal Relief) | If taxable income is more than Rs.50 lakh (then percentage vary from 10% to 37% depending upon the taxable income) |
Health & Education Cess | 4% of (Income-tax + Surcharge). |
Income Slab | Rate of Income Tax |
Upto Rs. 5,00,000/- | Nil |
Rs. 5,00,001/- to Rs. 10,00,000/- | 20% above Rs. 5,00,000/- |
Above Rs. 10,00,000/- | Rs.1,00,000/- + 30% above Rs. 10,00,000/- |
Surcharge (subject to marginal Relief) |
If taxable income is more than Rs. 50 lakhs (then percentage of surcharge varies from 10% to 37% depending upon the taxable income) |
Health & Education Cess | 4% of (Income-tax + Surcharge) |
Income Slab | Rate of Income Tax |
Upto Rs.2,50,000/- | Nil |
Rs. 2,50,001/- to Rs. 5,00,000/- | 5% (if taxable income is upto Rs. 5 lakh, the tax liability is Nil on account of tax relief u/s 87A) |
Rs. 5,00,001/- to Rs. 7,50,000/- | Rs.12,500/- + 10% of amount above Rs. 5,00,000/- |
Rs. 7,50,001/- to Rs. 10,00,000/- | Rs. 37,500/- + 15% of amount above Rs. 7,50,000/- |
Rs. 10,00,001/- to Rs. 12,50,000/- | Rs.75,000/- + 20% of amount above Rs. 10,00,000/- |
Rs. 12,50,001/- to Rs. 15,00,000/- | Rs.1,25,000/- + 25% above Rs. 12,50,000/- |
Above Rs. 15,00,000/- | Rs. 1,87 ,500/- + 30% above Rs.15,00,000/- |
Surcharge (subject to Marginal Relief) | If taxable income is more than Rs. 50 lakhs (then percentage of surcharge varies from 10% to 37%) |
Health & Education Cess | 4% of (Income-tax + Surcharge). |
Note: Tax deduction under chapter VIA will not be available to a taxpayer opting for the New Tax Regime u/s 115BAC, except for deduction u/s 80CCD(2) and 16(ia) of the Income Tax Act, 1961.
Directorate of Income Tax
(Public Relations, Publications & Publicity)
6th Floor, Mayur Bhawan, Connaught Circus, New Delhi – 110001
Disclaimer: This brochure should not be construed as an exhaustive statement of the law.
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