Senior Citizen Saving Scheme & Sec 80C

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Abhinav Agarwal

M.Com C.A SAP Consultant

814 Points Joined November 2008

Hi All...

My querry is:

We can claim deduction u/s 80C for Senior Citizen Saving Scheme(SCSS). As per banking regulation Act, a person is a senior citizen who has crossed age of 60. However as per Income TAx Act it is 65. Now if a person, of age 61-64 invests in SCSS, whether he will be eligible for 80C.

Replies (1)

CA. Ashok shah

CHARTERED ACCOUNTANT

333 Points Joined January 2009

Yes, he/she will be eligible for deduction u/s.80C upto an amount of Rs.100000/-. Please note that criteria of Senior Citizen under I Tax Act is for Tax Rate/Minimum Exemption limit purpose only.