Income tax

If your income is coming  within the bracket of taxable income then you are liable to pay the applicable income tax as and when it is due to be paid and file the ITR accordingly.

If your income does not exceed the limit you will be exempted for senior citizens, otherwise, you have to pay income tax.

For senior citizens (aged 60 years and above but below 80 years) the basic income exemption limit is of Rs 3 lakh. For super senior citizens (aged 80 years and above), the basic income exemption limit is Rs 5 lakhs.

Latest Income Tax Slab and Rates - FY 2023-24 | AY 2024-25

Hey, I have read your query and would like to answer it. A senior citizen can make tax payments for the assessment year 2024-2025 (financial year 2023-2024), if their income exceeds the exemption limit. The tax obligations depends upon the income of the assessee and he is liable to file the income tax return before expiry of due date. Senior citizens have higher income tax exemptions as compared to younger individuals. The exemptions are as follows: • Below 60 years: Rs. 2.5 lakh • Senior citizens (60-80 years): Rs. 3 lakhs • Super senior citizens (above 80 years): 5 lakh If your total income for financial year 2023-24 falls below these exemption limits, then you do not need to pay income tax. Some of the tax benefits to senior citizens are as follows: • Standard deductions if assessee is earning salary or pension income, he is eligible to claim a deduction of Rs. 50,000 from such income. • Tax rebate under section 87A of Income Tax Act, 1961 • Senior citizens can claim a deduction up to Rs. 50,000 under the old tax regime for medical insurance premium under Section 80D instead of Rs. 25,000. • Higher deduction is given in respect of expenses incurred for treatment of specified diseases or ailment. • Senior citizens are not required to pay advance tax if they do not earn income from business or profession. Therefore, no interest is levied on late payment of advance tax. • If a senior citizen transfers his house under reverse mortgage scheme where he receives monthly installments, he is not required to pay any capital gains tax on such transfer of house. Hope it helps you with your query. Regards Parth Chawla

Excellent reply Mr. Chawla 👍

On crossing the age-exempt income limit, an old person is imposed with a tax equal to over Rs 2 lakh by financial year FY23 (similar to taxes of around 2024-25) All dependents the money you earn and that similar even old folks who owes some additional to taxman they too need to submit their ITR before due date If were to have a tax, senior citizens can keep at max Rs. 3 lakh (in case of age ranging between 60-80) and in case > The whole revenue of an old individual for the fiscal year 2023-24 if below such amounts inside provided in condition (a) and/or in clause then a good deal under that shall not be chargeable to tax.