|Author: [Anonymous] 29 Mar 2016 Member Level: Diamond Points : 3 (Rs 3) Voting Score: 0|
I recently once again came across on special provisions in income tax law about senior and very senior citizens. So, I am sharing this info with you, as below;
There are certain Tax exemption for senior and very senior citizen as stated herein.
Advance tax payment exempted for Senior citizens.
Senior citizens exemption limit is Rs. 3,00,000 and very senior citizens is Rs. 5,00,000.
Senior and very senior citizens will have higher tax deduction u/s 80-DDB.
e-filing of income tax return to very senior citizen is exempted.
Pension is considered as income from Salary, and family pension is considered as 'Income from other sources'. If pension is received via a nationalized bank, then TDS is deducted by the bank, in case applicable.
|Author: Padma 31 Mar 2016 Member Level: Silver Points : 3 (Rs 3) Voting Score: 0|
There are two categories of senior citizes:
1- Senior citizens: those above 60 years of age
2-super senior citizens-those above 80 years of age
Tax benefits for senior citizens:
The slab rates are beneficial to senior citizens, this converts into tax saving of Rs. 5000 for the senior citizens and Rs 30,000 for the super senior citizens.
Exemption limit is Rs 3,00,000 and Rs 5,00,000 in each case.
Also both will get higher tax dedcution u/s 80DDB