Special Income Tax benefits for senior citizens — Here's the list

Special Income Tax benefits for senior citizens — Here’s the list

New Delhi: The senior residents and really senior residents get particular earnings tax advantages from the Income-tax Department and are additionally granted a better exemption restrict as in comparison with the conventional taxpayer. 

This is to be famous that an exemption restrict is a quantum of earnings as much as which an individual isn’t liable to pay tax and that the tax advantages provided below the Income-tax Law to a senior citizen and a really senior citizen can be found solely to resident senior citizen and resident very senior residents. These advantages are usually not obtainable to a non-resident despite the fact that he could also be of upper age. 

Criteria for senior citizen: Must be of the age of 60 years or above however lower than 80 years at any time in the course of the respective 12 months and should be a resident.

Criteria for very senior citizen: Must be of the age of 80 years or above at any time in the course of the respective 12 months and should be a resident.

The following are the advantages that senior residents and really senior residents take pleasure in:

Benefits obtainable to a senior citizen and really senior citizen in respect of tax charges

Senior citizen: A senior citizen is granted a better exemption restrict in comparison with non-senior residents. The exemption restrict for the monetary 12 months 2020-21 obtainable to a resident senior citizen is Rs 3,00,000, whereas the exemption restrict for a non-senior citizen is Rs 2,50,000. Thus, it may be noticed that an extra good thing about Rs 50,000 within the type of increased exemption restrict is obtainable to a resident senior citizen as in comparison with regular taxpayers.

Very senior citizen: A really senior citizen is granted a better exemption restrict in comparison with others because the exemption restrict for the monetary 12 months 2020-21 obtainable to a resident very senior citizen is Rs 5,00,000, whereas, the exemption restrict for a non-senior citizen is Rs 2,50,000. This means that there’s an extra good thing about Rs 2,50,000 within the type of increased exemption restrict for a resident very senior citizen as in comparison with regular taxpayers.
 

Also learn | ITR submitting 2019-2020: File your earnings tax on-line in simply few easy steps

 

Very senior citizen is granted exemption from e-filing of earnings tax return: From Assessment 12 months 2019-20 onwards, a really senior citizen submitting his return of earnings in Form ITR 1/Four can file his return of earnings in paper mode. For him, e submitting of ITR 1/4 (because the case could also be) isn’t necessary and he might also go for e-filing as per his want.

Resident senior citizen is granted exemption from cost of advance tax: The part 208 says that each individual whose estimated tax legal responsibility for the 12 months is Rs 10,000 or extra, will pay his tax upfront, within the type of “advance tax”. However, part 207 offers reduction from cost of advance tax to a resident senior citizen. As per part 207​, a resident senior citizen not having any earnings from enterprise or occupation isn’t liable to pay advance tax.

Benefits obtainable in respect of curiosity on deposits in case of senior residents: According to the Section 80 TTB ​of the Income Tax regulation, provisions regarding tax advantages can be found on account of curiosity earnings from deposits with banks or put up workplace or co-operative banks of an quantity as much as Rs 50,000 earned by the senior citizen. The curiosity earned on saving deposits and stuck deposit, each shall be eligible for deduction below this provision. Notably, the ​Section 194A of the Income Tax regulation offers corresponding provisions that no tax shall be deducted at supply from cost of curiosity by financial institution or post-office or a co-operative financial institution to a senior citizen as much as Rs 50,000. Therefore, the restrict is to be computed for each financial institution individually.
 

Also learn | Income Tax refunds price Rs 1.18 lakh cr issued to 33.54 lakh taxpayers until September 29

 
Benefits obtainable in respect of expenditure incurred on account of medical remedy of specified ailments on remedy of a senior citizen: The Section 80D​DB of the Income-tax Law offers varied provisions regarding tax advantages obtainable on account of expenditure on medical remedy of specified ailments. 

Benefits obtainable in respect of expenditure incurred on account of medical insurance coverage premium or medical expenditure to a senior citizen: ​The Section 80D of the Income-tax Law offers varied provisions regarding tax advantages obtainable on account of cost of medical insurance coverage premium and different associated objects.
 

$(function() { return $("[data-sticky_column]").stick_in_parent({ parent: "[data-sticky_parent]" }); });

reset_scroll = function() { var scroller; scroller = $("body,html"); scroller.stop(true); if ($(window).scrollTop() !== 0) { scroller.animate({ scrollTop: 0 }, "fast"); } return scroller; };

window.scroll_it = function() { var max; max = $(document).height() - $(window).height(); return reset_scroll().animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };

window.scroll_it_wobble = function() { var max, third; max = $(document).height() - $(window).height(); third = Math.floor(max / 3); return reset_scroll().animate({ scrollTop: third * 2 }, max * 3).delay(100).animate({ scrollTop: third }, max * 3).delay(100).animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };

$(window).on("resize", (function(_this) { return function(e) { return $(document.body).trigger("sticky_kit:recalc"); }; })(this));

}).call(this);

} on_load_google_ad(); function sendAdserverRequest() { try { if (pbjs && pbjs.adserverRequestSent) return; googletag.cmd.push(function() { googletag.pubads().refresh(); }); } catch (e) {

googletag.cmd.push(function() { googletag.pubads().refresh(); }); } } setTimeout(function() { sendAdserverRequest(); }, 5000);

function on_load_fb_twitter_widgets(){ (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.9"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return t; js = d.createElement(s); js.id = id; js.src = "https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) {

t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); }

//setTimeout(function() { on_load_google_ad(); }, 5000); setTimeout(function() { on_load_fb_twitter_widgets(); }, 5000);

Source