7 Income Tax Benefits Senior Citizens Get

Outlook Money

Higher Exemption Limit

Senior citizens get exemptions up to Rs 3 lakh in the old tax regime, compared to Rs 2.5 lakh for the general public.

Exempted From Tax

Health Insurance

Seniors get tax deductions of Rs 50,000 annually for medical insurance premiums under Section 80D, compared to Rs 25,000 for the general public.

Health Insurance

Critical Medical Expenses

Seniors can also avail of tax deductions of up to Rs 1 lakh in a financial year to treat a critical disease under Section 80DDB.

Medical Expenses

Interest Income  

Senior citizens can avail of tax exemptions for interest income up to 50,000 in a financial year, compared to Rs 40,000 for others.

interest Income

Standard Deduction

Pensioners get a standard deduction of Rs 50,000, while for family pensioners, the limit is Rs 15,000.

Tax Deductions

Advance Tax Payment

Seniors are not required to pay advance tax unless they have a taxable income under the income tax head ‘profit and gains from business or profession'.

advance Tax

ITR Filing

Under Section 194P of the Income-tax Act, 1961, senior citizens aged 75 years and above are exempted from filing the income tax return (ITR) under certain conditions.

Compiled By Himani Verma


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