Скачать или смотреть No Tax, No TDS for Senior Citizens | Senior citizens Tax benefits from Budget 2025| Budget 2025

Major benefits to Senior Citizens from budget 2025 which will help them to increase their monthly in hand income which is discussed in this video.
Unique Tax Benefits to Senior Citizens | Senior Citizen Tax Benefits | senior citizen Tax Deductions
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Here are the 10 key takeaways for tax benefits available to senior citizens for AY 2025-26 (FY 2024-25):

Higher Basic Exemption Limit:

Senior citizens (aged 60-79 years) have a basic exemption limit of ₹3,00,000.
Super senior citizens (aged 80 years and above) enjoy a higher exemption limit of ₹5,00,000.
Tax Rebate Under Section 87A:

A rebate of up to ₹12,500 is available if total taxable income is ≤ ₹5,00,000.
Health Insurance Deduction (Section 80D):

Senior citizens can claim a deduction of ₹50,000 for premiums paid on health insurance.
Deduction for Medical Treatment (Section 80DDB):

Deduction of up to ₹1,00,000 for medical expenses related to specified diseases.
Interest Income Deduction (Section 80TTB):

Senior citizens can claim a deduction of up to ₹50,000 on interest income from savings accounts, fixed deposits, and other similar instruments.
No Tax on LTCG Below ₹1 Lakh:

No tax on long-term capital gains (LTCG) from the sale of listed equity shares/equity mutual funds if gains are ≤ ₹1,00,000.
No TDS on Interest Up to ₹50,000:

No TDS on interest income up to ₹50,000 on deposits if the individual submits Form 15H to the bank.
Tax-Free Income from SCSS:

Interest earned from the Senior Citizens Savings Scheme (SCSS) is eligible for tax benefits under Section 80TTB.
Pension Fund Deduction (Section 80CCC):

Senior citizens can claim a deduction for contributions to pension schemes (like NPS) under Section 80CCC, subject to a ₹1,50,000 limit (combined with other sections like 80C).
Simplified Tax Filing:

Senior citizens may benefit from simplified tax filing processes and reduced penalties for delayed filing, under the Faceless Income Tax Scheme.
These benefits are designed to reduce the tax burden and provide financial relief to senior citizens, particularly in areas like healthcare and savings.
Unique Tax Benefits to Senior Citizens | Senior Citizen Tax Benefits | senior citizen Tax Deductions
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Higher exemption limit
Standard deduction under section 16(ia)
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Payment of advance tax
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No need to file ITR section 194P
Offline ITR facility for super senior citizen
Tax benefit on long term capital gain
LTCG
Rebate under section 87A
Deduction under section 80C