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Super senior citizens

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Chandran Nallur Krishnaswamy

39 Points Posted on 02 February 2020

Which Section of the IT Act defines a senior citizen above 80 years as super senior citizen and which section allows them tax exemption up to ₹5 lakh?

Replies (6)

Quick Summary

This discussion clarifies the definition of 'super senior citizens' in India, referring to individuals aged 80 and above. It details the tax exemption available to them, stating that income up to ₹5 lakh is tax-free. Higher income brackets are subject to specific tax rates as outlined in the relevant Finance Act.

rama krishnan

12244 Points Posted on 02 February 2020

Please refer the first schedule of relevant finance act

Kapadia Pravin

17269 Points Posted on 03 February 2020

In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—

upto 500000/- tax is NIL
above 5 and upto 10 lakhs tax is 20%
above 10 lakhs tax is 1 lakh + 30%
plus Cess

Chandran Nallur Krishnaswamy

39 Points Posted on 03 February 2020

Thanks, Rama krishnan. Will you pl tell which year's finance act is to be referred to? If possible, pl copy it here.

RAMAKRISHNAN R

INCOME TAX OFFICER

1736 Points Posted on 03 February 2020

You have to refer the finance act pertaining to the relevant assessment year . I don't have the current finance act. Hence I'm attaching here the finance act of 2015. there's no difference in the definition of super senior citizens in finance act 2015 and current finance act. Please refer page no 9 of the finance act in respect of your query