Senior citizens above 80 years of age have got additional exemption in paying tax. Due to which they get an additional discount of 2.5 lakh rupees as compared to the normal tax payer.
Income Tax: The process of filing income tax return for the year x has started. At the same time, this year, individual people will have to file income tax return by July 31. Now only a few days are left for the last date to file income tax return. It is worth noting that if ITR is filed after this, then penalty can also be imposed. At the same time, some people will also get an additional exemption of Rs 2.5 lakh in filing ITR.
The tax bracket starts from 2.5 lakhs.
Let us tell you that people below 60 years of age whose annual income is more than 2.5 lakhs, then they come in the tax bracket. Tax is levied only when the income of such people exceeds Rs 2.5 lakh. People whose annual income is Rs 2.5 lakh to Rs 5 lakh. Normally, 5 per cent tax is deducted from them.
Senior citizens get an exemption of 50 thousand rupees,
while such senior citizens also have to pay tax. Whose age is more than 60 years but less than 80 years. However, for people in the age group of 60 to 80 years, the tax bracket starts from an annual income of Rs 3 lakh. These people will have to pay tax on income of Rs 3 lakh annually. In such a situation, these people get an additional exemption of 50 thousand rupees.
2.5 lakh rupees exemption for these people also
whose age is more than 80 years. They have also been placed in the category of very senior citizens. These very senior citizens have also got extra exemption in filing tax. Very senior citizens will come in the tax bracket when their annual income is more than 5 lakhs. This is the reason why these very senior citizens already get an additional Rs 2.5 lakh rebate as compared to the normal tax payer.
