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HomeIncome Tax ActIncome Tax benefits to senior and super senior citizen:

Income Tax benefits to senior and super senior citizen:

Definition of senior citizen and super senior citizen: Individual resident who is of the age of 60 years or above but less than 80 years is a Senior Citizen. An individual resident who is of the age of 80 years or above is a Super Senior Citizen.

  1. Basic exemption limits: For Senior Citizens the basic exemption limit is fixed at a figure of Rs. 3 lakh. For Super Senior Citizens, the basic exemption limit is fixed at Rs. 5 Lakhs.
  2. Advance Tax benefit: A resident Senior/Super Senior citizen need not pay any advance tax, provided he does not have any income under the head Profits and Gains of Business or Profession.
  3. Sec 80D benefits: The maximum limit for deduction u/s 80D in respect of payment made for health insurance premium in respect of a Senior/Super Senior citizen has been allowed at Rs. 50,000/-.
  4. Interest income: A Senior/Super Senior citizen can claim a deduction upto Rs. 50,000/- u/s 8OTTB in respect of interest income earned on savings bank accounts, bank deposits, or any deposit with the post office or co-operative banks.
  5. Income Tax Returns: A super senior citizen aged 80 years or above filing his return of income in Form SAHAJ (ITR-1) or SUGAM (ITR-4) and having total income of more than Rs. 5 lakh or having a refund claim, can file his/her return of income in paper mode.
  6. Form 15H: A Senior/Super Senior citizen may submit form no.15H to the deductor for non-deduction of TDS on certain incomes referred to in that section, if the tax on his/her estimated total income for the concerned year comes at nil.
  7. Non requirement of filing ITR: The following categories of Senior Citizens are not required to file their ITR: — Resident Senior Citizens, 75 years or above and Having only pension income and interest income only from the account(s) maintained with a bank in which they receive such pension.

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