Poojitha Raam Vinay 
Quick Summary
Navigating the intricacies of income tax can be challenging, especially for senior citizens. For the Financial Year 2024-25 (Assessment Year 2025-26), the Indian tax system offers specific provisions and benefits tailored for individuals aged 60 and above. Budget Update For the FY 2025-26, th
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FAQ :
For the old tax regime, senior citizens (60-79 years) have a basic exemption limit of ₹3,00,000, while super senior citizens (80+ years) have ₹5,00,000. The new tax regime has a uniform basic exemption limit of ₹3,00,000 for all age groups.
Yes, senior citizens can claim deductions under Section 80C (up to ₹1.5 lakh), Section 80D for health insurance (up to ₹50,000), and Section 80TTB on interest income (up to ₹50,000). A standard deduction of ₹50,000 is also available for pension income.
Super senior citizens aged 75 and above can be exempt from filing ITR if their income is solely from pension and bank interest from the same bank, and they submit a declaration (Form 12BBA) to the bank.
No, senior citizens who do not have income from business or profession are exempt from paying advance tax.
Senior citizens can submit Form 15H to their banks to request non-deduction of TDS on interest income, provided their total income is below the taxable limit.
Yes, pension income is taxable as salary income. A standard deduction of ₹50,000 is available for pension income.
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