Income Tax Benefits The government gives many types of exemptions to citizens on the basis of age in tax. In this report, we are going to explain in detail about the exemptions available to senior and very senior citizens. Let’s know about it in detail.
In India, a person above 60 years of age is called a Senior Citizen and a person of 80 or more is called a Super Senior Citizen.
Tax exemption is given by the government on the basis of age and it is available on filing advance tax, tax filing, exemption in old tax regime, interest received from bank and post office and other things. Today, in this article, we are going to tell about the tax exemption available to senior citizens and very senior citizens.
Old Tax Regime
In the old tax regime, the income of senior citizens up to Rs 3,00,000 comes under the ambit of tax exemption, while income of Rs 5,00,000 for very senior citizens is tax exempt.
Tax Filing
E-filing of your tax returns is mandatory for senior citizens. Whereas, very senior citizens can file tax returns through ITR 1 (Sajh) and ITR 4 (Sugam) by visiting the tax office.
Advance Tax Relief
As per section 208 of the IT Act, if the tax liability of a person exceeds Rs 10,000, he has to pay advance tax. Whereas, senior citizens are exempted from paying advance tax. The condition here is that profit should not be from business and profession.
Exemption from return filing under section 194P of the IT Act
Citizens above 75 years of age are also exempted from filing ITR under Section 194P of the IT Act, but your income should be from pension and interest only.
