Tax Benefits For Senior Citizens In India


BANGALORE: Thanks to the new government and their strong belief in reviving the economy, citizen’s young and old have seen a lot of benefits in tax. There are many changes be it higher exemption level or no tax for certain areas, there is something available for everyone to be happy about. Senior citizens have a lot to be happy about as they are seen to be given the best of benefits in their old age.

Here is a walkthrough of the benefits that senior citizens enjoy when it comes to tax according to Yahoo Finance.

Lower taxes and higher exemption rate: After the budget 2014, presented by Arun Jaitley our Finance minister, the rate of tax was raised to 2.5 lakhs, which is equal for all genders.

The government has also categorized old aged people to senior and super senior citizens. For super senior citizen their tax exemption limit is 5 lakhs per annum. They are also given lower tax rate which is reduced by 25,000 across various levels of tax limits.

Advanced Tax Exemption: Advanced Tax basically means paying in advance a part of your yearly tax. This tax is not aligned to the tax paid from the salary earned but the extra income received through bonds, business, shares, deposits and investments.

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