ITR filing benefits for senior citizens: Senior citizens are required to file Income Tax Return. In India, Income Tax Return (ITR) is a process by which individuals, companies and organizations submit to the Income Tax Department to report their income, deductions and taxes paid for a particular financial year. A resident aged 60 years or above and less than 80 years in the previous year is considered a senior citizen for income tax purposes.
Every citizen of India has to pay tax every year. Along with this they should also mention all their sources of income. For this, the Income Tax Department has formulated a tax law. In this a law has been made for each section of the country.
The country’s income tax laws offer several tax benefits to senior citizens. Only Indians are entitled to such benefits. This includes advance tax, standard deduction, deduction under medical insurance premium, tax deduction for interest received from bank and post office.
Two tax regimes have been implemented from this year. In this, senior citizens will get tax exemption up to Rs 3 lakh and super senior citizens will get tax exemption up to Rs 5 lakh. At the same time, no separate limit has been set for senior citizens in the new tax regime. Senior Citizens and Very Senior Citizens get a tax rebate of up to ₹2.5 lakh.
How much discount will be given?
Tax exemption is different for senior citizens and super senior citizens. If any senior citizen chooses the old tax system option, they will get tax exemption accordingly. 3 lakhs for a person in the age group of 60-80. At the same time, Rs 5 lakh for a person above 80 years of age.
Only senior citizens are exempted under Section 80TTB of the Income Tax Act. In this one can opt for the medical insurance premium reduction option.
At the same time, as per Section 80D of the Income Tax Act, if any person buys insurance for critical illness, then he gets the option of tax deduction on its premium. Individuals above 60 years can avail tax benefit up to 1 lakh.
All senior citizens should take advantage of these tax exemptions. If more tax is deducted, the taxpayer can give information about it while filing ITR. After this, additional TDS refund will be received.
