Benefits for Senior Citizens and Super Senior Citizens under Income Tax Act, 1961
C/7099/I-Tax/SAPCS/2027
24 May 2024
एकीकृत मुख्यालय रक्षा मंत्रालय (सेना) / एजी शाखा
INTEGRATED HQ OF MoD (ARMY) / AG’s BRANCH
कार्मिकसेवाएं निदेशालय / स्थायी सेना वेतन आयोगअनुभाग
PS DTE/ STANDING ARMY PAY COMMISSION SECTION
BENEFITS FOR SENIOR CITIZENS AND SUPER SENIOR
CITIZENS UNDER INCOME TAX ACT, 1961
1. Income tax department provides exempilans/ benefits to Senior Citizens and Super Senior Citizens under Income-tax Act, 1961. Citizens above 60 years of age are classified as Senior Citizens and above 80 years are classified as Super Senior Citizens. A summary of exemption/ benefits given to Senior Citizens and Supe. Senior Citizens is given as under:-
(a) The basic Income exemption for citizen is 2.5 Lakhs. The exemption is as under for Senior Citizens:-
| (i) | Senior Citizens – | ₹3 Lakhs | This much amount is straightway deducted before computing tax liability on income. |
| (ii) | Super Senior – Citizens. | ₹5 Lakhs |
(b) Senior Super Senior Citizens have been exempted from paying advance tax which is otherwise payable. In case IT/yr is more than ₹10,000/.
(c) Std deduction of [50,0004 avbl on pension.
(d) Enhanced Med Insurance premium of ₹50,000/- for health insurance premium or Medical expenses is permissible as against ₹25,000/- pa for such citizens.
(e) In case of a dependent with disability on Senior Citizens for med treatment under Sec 80DD depending on disability on exemption of ₹75,000/ to ₹1,00,000/- is permitted.
(f) Senior Citizens can claim an exemption of ₹1,00,000/- for Self/ Dependents in case of treatment of specified diseases which is otherwise ₹40,000/- these diseases incl cancer, AIDS, Parkinson, Dementia etc.
(g) Higher deduction of income from interest from Bank Post Office for
₹50,000/- pa is permissible as against ₹10,000/- for other citizens (Sec 80TTA).
(h) Senior Citizens are allowed to file paper IT returns as against e-filing which is mandatory for other citizens.
(j) Senior Citizens can use Form No 15H of IT return to claim No TDS (Tax Deduction at Source) from the Bank for income from RD, FD, Dividends and pension as well as other investments.
(k) Reverse mortgage of property will not be counted on capital gain and will also be exempted to be added in to income.
(l) In case the only source of income of Senior Citizens is pension & Deposits interest etc the bank will be resp for deduction of IT and Senior Citizens above 75 years age are exempted from filing IT return insueh cases.
2. In view of the above, the info may pl be circulated to the envt for education/ awareness of veterans/ dependents.
3. This has approval of the AG.
(सचिन कालिया/Sachin Kalia)
कर्नल/ Col
कर्नल स्थायी सेना वेतन आयोग अनुभाग/
Col Standing Army Pay Commission Sec
ORG/ MP-5 (RODRA)
MP-8(I of R)
DIAV
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