Income tax benefits for senior citizens: Here’s the list
4 years, 4 months ago

Income tax benefits for senior citizens: Here’s the list

Live Mint  

India's income tax law pampers senior citizens and very senior citizens with several tax benefits. Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to deductions under various sections on account of medical expenses and interest earned on deposits. Here is the list of income tax benefits for senior citizens and very senior citizens: Higher exemption limit Senior citizens and very senior citizens are granted a higher exemption limit as compared to normal or non-senior citizen tax payers. An additional benefit of ₹50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers. ​Deduction for payment of medical insurance premium Medical insurance premium up to ₹50,000 paid in a year by a senior citizen is allowed as a deduction under Section 80D of the Income Tax Act.

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History of this topic

Fact Check: No, Govt Of India Has Not Announced Any Income Tax Exemption For Senior Citizens Above 75
1 month, 1 week ago

Fact Check: No, Govt Of India Has Not Announced Any Income Tax Exemption For Senior Citizens Above 75

ABP News  

A post is being widely shared on social media claiming that the central government has announced that senior citizens above 75 years, who rely on pensions and other welfare programs, are exempt from paying income taxes and filing IT returns. However, senior citizens earning more than ₹3 lakhs must pay taxes based on their applicable income tax slab and regime. …

Fact Check: No income tax for senior citizens 75 and above?
1 month, 1 week ago

Fact Check: No income tax for senior citizens 75 and above?

India Today  

A message being shared on social media claims that senior citizens above 75 years of age would not have to pay income tax any more. According to the information given by the Central Board of Direct Taxes, the central government has changed the law to provide tax exemption to senior citizens, which includes important changes between Rule 31, Rule 31A, …

Definition Of Relative Under Senior Citizens Act Can't Be Treated At Par With Income Tax Act, 1961: Delhi High Court
2 years, 5 months ago

Definition Of Relative Under Senior Citizens Act Can't Be Treated At Par With Income Tax Act, 1961: Delhi High Court

Live Law  

The Delhi High Court has held that the petitioner's real intent was to ensure that gift tax is not levied on donee. The division bench of Justice Manmohan and Justice Manmeet Preetam Singh Arora has observed that as per the object of the Maintenance and Welfare of Parents and Senior Citizens Act, 2007 and the Income Tax Act, 1961, the …

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing
3 years, 4 months ago

Senior citizens aged 75 and above now required to declare income to get exemption from ITR filing

Firstpost  

Income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with banks to get exemption from filing I-T return. New Delhi: The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal …

Options for senior citizens to earn regular income with low risk
3 years, 6 months ago

Options for senior citizens to earn regular income with low risk

Live Mint  

NEW DELHI: Many senior citizens require regular income. 1) Senior citizens savings scheme : You can invest ₹15 lakhs in SCSS which is a five-year product extendable by another three years. 5) About ₹1.50 lakh can be invested annually in tax saving fixed deposits or postal National Savings Scheme to reduce taxable income under Section 80C. “The above portfolio is …

Senior citizens above 75 years exempted from filing income tax return
3 years, 11 months ago

Senior citizens above 75 years exempted from filing income tax return

Live Mint  

To ease the compliance burden on senior citizens who have been hit hard by the covid-19 crisis, finance minister Nirmala Sitharaman on Monday exempted individuals above 75 years from filing income tax returns. Once the declaration is furnished, the specified bank would be required to compute the income of such senior citizen after giving effect to the deduction allowable under …

ITR filing exempted for people above 75 years with only pension income
3 years, 11 months ago

ITR filing exempted for people above 75 years with only pension income

India TV News  

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. Under section 80TTB, seniors can claim up to Rs 50,000 interest income received from banks and post offices as a deduction from their income thereby making this type of interest income for senior …

Senior citizens enjoy special income tax benefits. Here are the details
4 years, 2 months ago

Senior citizens enjoy special income tax benefits. Here are the details

Live Mint  

India's income tax law provides special benefits to the resident senior citizens and very senior citizens. Income tax benefits available to resident senior and very senior citizens range from higher exemption limit to higher deductions under various income tax sections on account of medical expenses and interest earned on deposits. Read on for the special income tax benefits for senior …

Only super seniors, aged 80 or above, are eligible to file ITR in physical form
5 years, 6 months ago

Only super seniors, aged 80 or above, are eligible to file ITR in physical form

Live Mint  

I am 72 years old. — Name withheld on request According to the amended provisions effective from AY 2019-20, the option to file tax returns in paper form is only available to individuals aged 80 years or more at any time during the relevant previous year. Since you are 72 years old, you are not eligible to file your India …

Budget 2019: Industry body seeks increase in minimum tax exemption limit for senior citizens
5 years, 6 months ago

Budget 2019: Industry body seeks increase in minimum tax exemption limit for senior citizens

India Today  

Industry body Assocham has advocated tax measures to benefit senior citizens in the Union Budget, to be presented on July 5 by Finance Minister Nirmala Sitharaman. The Associated Chambers of Commerce and Industry of India in its budget memorandum has suggested an increase in minimum tax exemption limit for senior citizens to Rs 7.5 lakh from Rs 3 lakh and …

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