According to the rules of the Income Tax Department (Income Tax Department), every jobber or business person who has more annual income than tax free income is required to file Income Tax Return (ITR) every year. However, during the filing of income tax by the department, some concessions are also given to Senior Citizen and Whore Senior Citizen. Those between 60 and 80 years of age are called Senior Citizen and those above 80 years of age are called Very Senior Citizen.
Under Section 80D of the ITR Act, senior citizens are given health insurance premiums of up to 50,000 benefits. Earlier his health premium payment deduction limit was Rs 30,000.
Exemption Limit:
As per the rules, the basic tax exemption limit for citizens who are below 60 years is Rs 2.5 lakh, but for senior citizens this limit is Rs 3 lakh, while for Very Senior Citizen this limit is Rs 5 lakh.
No deduction under Reverse Mortgage Scheme
During emergency, senior citizens can reverse their mortgage accommodation for monthly earnings. However, the ownership of the property will remain with them and they will be paid monthly payments every month. The amount given to the senior citizen in the installment does not come under the income tax.
No tax on interest income
People below 60 years can claim deduction up to Rs 10,000 on a savings bank account. However, this deduction can be made up to Rs 50,000 if a senior citizen or a wherry senior citizen.
No Advance Tax
Senior citizens are not required to pay advance tax unless their income is coming from a profession or business as profit and gain.
Offline file can be ITR
It is not mandatory for Wear Senior Citizen to fill ITR-1 (Sahaj) and ITR-4 (Sugam). They can choose any means of filing the ITR. It can be anything online or off-line.
