Unlike salaried taxpayers, senior citizens have to claim deductions against their advance tax liability at the time of filing their ITR
The tax liability of senior citizens or super senior citizens is calculated based on their income from all the sources like interest from fixed deposits, pension, etc
The tax liability depends on whether the person is a resident senior citizen (aged 60), or a super-senior citizen (aged 80 or more)
Under the old tax regime, senior and super-senior citizens residing in India have been allowed a basic exemption limit of Rs 3 lakh and Rs 5 lakh, respectively, for the financial year 2023
For senior citizens opting for the old tax regime, several exemptions are available
Under Section 80C, senior citizens or super senior citizens can get deductions of up to Rs 1.5 lakh for eligible investments and expenses
Under Section 80C, senior citizens or super senior citizens can get deductions of up to Rs 1.5 lakh for eligible investments and expenses. Under this, 5-year fixed deposits, investment in Equity Linked Savings Scheme, Public Provident Fund, life insurance premiums, and National Saving Certificates
Senior citizens and super senior citizens can claim deductions up to Rs 1.5 lakh combined under sections 80C, 80CCC, and 80CCD for investments in life insurance policies, PPF, pension plans of central government, annuity LIC plans, or other pensions schemes
Health insurance premiums for senior citizens or super senior citizens qualify as a deduction with an upper limit of Rs 50,000. Tax benefits of up to Rs 5,000 for expenses incurred for preventive health check-ups can be claimed
Donations to specified charitable causes and institutions can be claimed as deduction with a limit of 50 per cent of the donated amount or 100 per cent of the donated amount
Money contributed to a political party or an electoral trust can be claimed as a deduction with a limit of 100 per cent of the donated amount