ITR Filing 2023 July, the 7th month of the year has started from today. Last chance has been given for many finance work in this month. You must file ITR this month. You can file ITR till 31 July 2023. The Income Tax Act has several sections for senior citizens. In these sections, they get the benefit of many tax deductions. Let’s know about it in detail.
Every citizen of India has to pay tax every year. Along with this, they also have to tell about all the sources of their income. For this, the Income Tax Department has made tax laws. In this, a law has been made for each section of the country.
The income tax laws of the country offer several tax benefits to senior citizens. Only the Indian has the right on such benefits. In this, advance tax, standard deduction, deduction under medical insurance premium, tax deduction on interest received from bank and post office is done.
From this year, two regimes of tax have been implemented. In this, senior citizens get tax exemption up to Rs 3 lakh and very senior citizens get tax exemption up to Rs 5 lakh. At the same time, no separate limit has been fixed for senior citizens in the new tax regime. Senior citizens and very senior citizens will get tax rebate of up to Rs 2.5 lakh.
How much discount will be given
The tax exemption is different for senior citizens and very senior citizens. If any senior citizen selects the option of old tax regime, then they get tax exemption accordingly. In this, a person in the age group of 60-80 gets a rebate of Rs 3 lakh. At the same time, a person above 80 years of age gets a rebate of Rs 5 lakh.
Let us tell you that only senior citizens are exempted under 80TTB of the Income Tax Act. In this, the option of medical insurance premium deduction can be selected.
At the same time, according to Section 80D of the Income Tax Act, if any person buys insurance for critical illness, then he gets the option of tax deduction on its premium. Individuals above 60 years of age can avail tax benefit of up to Rs 1 lakh.
All senior citizens should take advantage of these tax deductions. If more tax is deducted, then taxpayers can give information about it while filing ITR. After this, refund of additional TDS is received.
