Who is a Senior
Citizen and a Super Senior Citizen for the purpose of Income Tax Act
Citizens and Super Senior Citizens have been provided with many
additional tax benefits under different tax provisions, thus its very
important to be very clear about who will be treated as Senior or Super
Senior Citizen for Income Tax provisions.
An individual who is of the age of 60 years or more
during the previous year is termed as a Senior Citizen for the purpose of
Income Tax Act.
An individual who of the age of 80
years or more during the previous year is termed as a Super Senior Citizen for
the purpose of Income Tax Act.
What will be status of a person born on 1st April? Will he/she be treated as senior Citizen for particular Assessment Year?
Various benefits available to Senior & Super Senior Citizens under Income Tax:
No requirement to pay Advance Tax if there is no business income
No tax upto income of ₹ 3,00,000 / ₹ 5,00,000- Read in detail the applicable Tax Rates
Enhanced limits for medical insurance premium u/s 80D
Deduction u/s 80DDB for expenditure on specified desease for senior citizens
Enhanced benefit of ₹ 50000 as deduction of interest from deposits u/ 80TTB