Tax benefits for Senior Citizen and Super Senior Citizen

Tax Benefits for Elders: As you near retirement, understanding tax advantages becomes crucial. India offers special benefits to senior citizens to ease their financial burdens. Senior Citizens' Relief: Individuals aged 60-80 enjoy higher income tax exemption limits, reducing their taxable income and providing more financial stability.

Super-Senior Citizens' Benefits: Those above 80 receive even greater benefits, including higher exemptions and additional deductions, ensuring enhanced financial security. Standard Deduction: Seniors with pension income can claim INR 50,000 deduction, lightening their tax load under the Old Tax Regime.

Interest Income Exemption: Up to INR 50,000 deduction on interest income from various sources like deposits, with the option to avoid TDS through Form 15H. Healthcare Deductions: Deductions up to INR 50,000 for health insurance premiums and INR 1,00,000 for specified diseases enhance medical coverage.

Ease in Tax Compliance: No advance tax for seniors without business income and no mandatory ITR filing for seniors above 75 under specific conditions. Property Ownership Benefits: Tax exemptions under reverse mortgage schemes allow seniors to mortgage property without tax implications on received payments.