Senior Citizens' Guide To ITR Filing 2024-25: Know All About Important Exemptions And Deductions
Here's a simple look at the key deductions, exemptions, and tax-saving options available to senior citizens under the old tax regime.
Higher Basic Exemption Limit for Senior Citizens
Senior citizens under the old tax regime get a higher basic exemption limit. For those aged 60 and above, income up to Rs 3 lakh is tax-free while for those over 80, the limit goes up to Rs 5 lakh. Anyone with taxable income up to Rs 5 lakh can claim a rebate, making their total tax payable zero.
In comparison, the new tax regime offers a flat basic exemption limit of Rs 3 lakh for everyone, regardless of age. However, it provides a rebate for incomes up to Rs 7 lakh and a higher standard deduction of Rs 75,000 for pensioners, compared to Rs 50,000 in the old regime.
Section 80C deductions
Senior citizens under the old tax regime can save on taxes by investing in the Senior Citizens' Saving Scheme (SCSS). This scheme is open to those above 60 years of age (or 55 for retired civilian employees and 50 for defence personnel). Investments of up to Rs 30 lakh in SCSS are eligible for a tax deduction of up to RS 1.5 lakh under Section 80C.//
Tax Deductions on Health Insurance
Senior citizens can claim a tax deduction of up to Rs 50,000 under Section 80D for health insurance premiums they pay. If their children pay the premium on their behalf, the children can also claim this deduction.
In such cases, the total deduction can go up to Rs 75,000—Rs 50,000 for parents and Rs 25,000 for self, spouse, and children. If a senior citizen pays the premium for their own policy and also for their parents then they can claim up to Rs 1 lakh in deductions under this section.
Furthermore, if a senior citizen doesn't have health insurance they can still claim a deduction of up to Rs 50,000 for medical expenses they incur during the year.
Tax Break on Interest Income for Senior Citizens
Senior citizens can get tax relief on interest earned from savings and fixed deposits in banks and post offices under Section 80TTB. They can claim a deduction of up to Rs 50,000 in a financial year. If the interest earned goes beyond this limit, the extra amount will be taxed.
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