Senior Citizens Tax Exempted | New Tax Policy For Senior Citizens | Tax Rebate For Senior Citizens

Senior Citizens Tax Exempted | New Tax Policy For Senior Citizens | Tax Rebate For Senior Citizens

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In India, senior citizens (individuals aged 60 years or above) are eligible for certain tax benefits under the Income Tax Act. Here are some key provisions:

Higher Exemption Limits: Senior citizens are eligible for higher basic exemption limits compared to non-senior citizens. For the financial year 2023-24, the basic exemption limit for senior citizens is ₹3,00,000.

Tax Rebate: A rebate under Section 87A is available to resident individuals (including senior citizens) with a total income of up to ₹5,00,000.

Tax Deductions: Senior citizens can claim deductions under various sections of the Income Tax Act, such as Section 80C (for investments in specified instruments like PPF, NSC, etc.), Section 80D (for health insurance premiums), and Section 80TTB (for interest income from deposits with banks and post offices).

No Advance Tax: Senior citizens not having any income from business or profession are not liable to pay advance tax.

Presumptive Taxation Scheme: Senior citizens engaged in certain businesses/professions can opt for the presumptive taxation scheme under Section 44ADA of the Income Tax Act.

It's advisable to consult with a tax professional or refer to the latest tax regulations for the most accurate and up-to-date information regarding tax benefits for senior citizens in India.


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