Senior citizens and pensioners got many big gifts together, new update for all pensioners

Senior citizens and pensioners got many big gifts together, new update for all pensioners: Under the Government of India Act 1961, senior citizens and super senior citizens have got many types of discounts and benefits! According to the central government, people above 60 years of age are known as senior citizens and people above 80 years of age are known as super senior citizens!

Senior citizens and pensioners got many big gifts together, new update for all pensioners

Senior and super senior citizens get many types of discounts and benefits from the central government! So let's know what benefits senior citizens and pensioners get! Let's see in detail…..

Senior Citizens Pensioners – Senior citizens will get this exemption

Income Tax Exemption

• Up to Rs 2,50,000 to common people
• Rs 3 lakh for senior citizens (above 60 years)
• Rs 5 lakh to super senior citizens (above 80 years)

Exemption in advance tax – Senior/super senior citizens will be exempted from payment of advance tax if the tax/year is more than Rs 10,000.

Standard deduction on pension – A standard deduction of Rs 50,000 is available on pension.

Medical Insurance Premium – Senior / Super Senior Citizens get rebate of Rs 50,000 instead of Rs 25,000 in health insurance premium or medical expenses!

Concession according to disability – Senior / super senior citizens are entitled to a concession of Rs 75,000 to Rs 1.09 lakh according to the disability under section 80DD.

Concession in specified diseases – Senior/Super Senior Citizens get concession of up to Rs. 1 lakh in the treatment of diseases like cancer, Parkinson, Dementia. Other people get concession of up to Rs. 40 thousand.

Senior Citizens Pensioners – Total Important Benefits

Exemption on interest income - Senior/Super Senior Citizens get exemption of Rs. 50,000 per annum on income received from bank/post office under Income Tax Act section 80TTA.

Filing tax returns – Senior citizens are allowed to file their taxes on paper, while e-filing is mandatory for others.

Use of Form No. 15H – Senior / Super Senior Citizens have the option to use Form No. 15H to claim TDS from banks on income from RD, FD, dividend and other investments including pension.

Exemption on reverse mortgage – Reverse mortgage of property will not be counted as capitalist profit and it will be allowed to be added to income.

Exemption from tax returns – If the source of income of a senior citizen is pension and interest on deposit amount, then the bank will be responsible for deducting tax. Senior citizens above 75 years of age will be exempted from paying tax.