Most taxpayers feel difficult to file income tax returns. This problem is more with senior citizens. Super Senior Cities in India is exempted from income tax return filing. However, it is necessary for people between 60 to 80 years to file returns. But, if a person is 75 years or older and if he has income from pension or interest, then there is an easy rule for him. Instead of filing income tax returns, he can file Form 12 BBA through the bank in which his pension comes.
Several types of relief to senior cities
Income Tax Department Elders (Senior citizens) And super senior seats (Super Senior Citizens)) Gives many relief in tax cases. Senior Cities also get some special deeds under the Old Regim of Income Tax. Senior Cities need to know about this. This can help them a lot in filing income tax retrimics.
Exgption limit for elderly
The basic exgamption limit of income tax is Rs 3 lakh for people above 60 years of age in income tax. The exgamption limit for people above 80 years of age is Rs 5 lakh. This means that if the income of a senior citizens is less than this limit or to the limit, then it does not need to pay tax. Apart from this, senior citizens with income up to Rs 5 lakh in Old Rizim can claim the tax rebate, which can reduce their tax to zero.
75,000 rupees standard deduction to the elderly
The exgamption limit for all taxpayers for the financial year 2024-25 in the new regimen of income tax is Rs 3 lakh. In this regimen, people who have total income of up to Rs 7 lakh, get a rebate of Rs 25,000 under section 87A. This reduces their tax to zero. In Old Regim, pensioners get a standard deduction of Rs 75,000 instead of Rs 50,000. Deduction is found under section 80C in Senior Citizens Savings Scheme (SCSS) in Old Regim. If a person retired from the job is 55 years, then he can invest in this scheme. Defense employees can invest in it at the age of 50.
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Rebate on health policy premium
Senior citizens get more deduction from others on health policy. Under section 80D, they get a deduction of Rs 50,000 annually on the premium of the health policy. Senior citizens are exempted from tax up to Rs 50,000 from savings and fixed deposits. Interest income of more than this will be taxed.
