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October 24, 2023 / Direct Tax

Tax Benefits available to super senior citizen & senior citizen

Tax calculated for Senior Citizens..

Table of Contents

  • Tax Advantage available to super senior citizen & senior citizen.
    • Who is classify as super senior citizen & senior citizen?
    • What are the Income Tax Basic exemption limits for super senior citizen & senior citizen?
    • What are the Advance Tax benefit available for super senior citizen & senior citizen?
    • What are the other benefit available for super senior citizen & senior citizen?
    • Tax calculated for Senior Citizens:
    • The Tax calculated for Very Senior Citizens:

Tax Advantage available to super senior citizen & senior citizen.

Who is classify as super senior citizen & senior citizen?

Ans :. Income Tax definition of super senior citizen & senior citizen: Individual resident who is of the age of Sixty years or above, but less than 80 years is a Senior Citizen. An individual resident who is of the age of eighty years or above is a Super Senior Citizen.

What are the Income Tax Basic exemption limits for super senior citizen & senior citizen?

Ans :. Income Tax Basic exemption limits: For Senior Citizens the basic exemption limit is fixed at a figure of INR 3,00,000/-. For Super Senior Citizens, the basic exemption limit is fixed at INR 5,00,000/-.

What are the Advance Tax benefit available for super senior citizen & senior citizen?

Ans :. Advance Tax Advantage: A resident super senior citizen & senior citizen need not pay any advance tax, provided he does not have any income under the head PGBP.

What are the other benefit available for super senior citizen & senior citizen?

 Ans :. Following are the Basic Benefit available for super senior citizen & senior citizen:

  • Interest income: A super senior citizen & senior citizen can claim a deduction upto INR 50,000/- u/s 8OTTB in respect of savings bank accounts interest income, bank deposits interest income earned, or any deposit interest income with the co-operative banks or post office.
  • Advantage of Income Tax u/s 80D: Deduction u/s 80D in respect of payment made for health insurance premium in respect of a super senior citizen & senior citizen has been permissible at INR 50k.
  • No needed to submit Income Tax Returns: Below class of Senior Citizens are not required to submit their Income Tax Returns: — Resident Senior Citizens, Seventy five years or above & having only interest income & pension income only from account with a Indian bank in which they receive pension & interest income.

Tax calculated for Senior Citizens:

Tax calculated for Senior Citizens

The Tax calculated for Very Senior Citizens:

Tax calculated for Very Senior Citizens:

  • Income Tax Returns: A super senior citizen aged eighty years or above filing his return of income in SUGAM (ITR-4) or Form SAHAJ (ITR-1) & having Gross total income of more than INR 5,00,000/- or having a Income Tax refund claim, can submit ITR in hard copy or paper mode rather than online mode.
  • Income Tax Form 15H: A super senior citizen & senior citizen may file Income Tax form no.15H to the deductor for non-deduction of Tax deduction Source on few class of incomes referred to in that section, if the tax on taxpayer estimated total income for the respective year comes at NIL.

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