Senior citizen scheme
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 May 2013
please brief the senior citizen scheme and deduction under I.Tax Act
CMA Ramesh Krishnan
(Expert)
23 June 2013
When it comes to determining the basic limit for computing tax liability, the senior citizen section enjoys a freedom upto Rs. 2, 50, 000 per year. Any income which is within the prescribed limit shall necessarily be exempted from the purview of taxation. A very senior citizens can claim up to Rs. 5,00,000.
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