Income Tax Rebate for Senior Citizens: The last date for filing Income Tax Return for the assessment year 2022-21 is tomorrow i.e. 31st December. Senior citizens above 60 years of age also have to file income tax returns. Senior citizens who are above 60 years of age do not have to pay any tax on income up to Rs 3 lakh in ITR (Income Tax Return).
But apart from this, they also get tax exemption on the returns they get from investments and various schemes. Know here about the rules of income tax that provide exemption to senior citizens.
Know the math of exemption in tax limit
Senior citizens (up to 60 years of age) whose annual income is Rs 3 lakh and TDS has not been deducted on this income are fully exempted from tax i.e. they do not need to file ITR. On the other hand, super senior citizens or very senior citizens (above 80 years of age) do not have to file tax return if they have an annual income of Rs 5 lakh.
Exemption in e-filing also
Keeping in mind the general perception that senior citizens are not very tax-saving, this rule has been made that e-filing is not necessary for super senior citizens to file returns in ITR 1 or ITR 4, they can do it in paper or physical mode. You can also file .
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Deduction on payment of insurance premium
Under Section 80D of the Income Tax Act, there is a rule that senior citizens who have paid up to Rs 50,000 in medical insurance premium comes as exemption in tax deduction.
Tax exemption on medical treatment expenses
Under Section 80DDB, senior citizens have the facility to claim deduction up to Rs 1 lakh for treatment of certain diseases. Same
Tax exemption on interest earned
Senior citizens can take advantage of tax exemption on annual interest up to Rs 50,000 earned on savings bank accounts and FDs, which is available to common people only up to Rs 10,000.
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