ITR 2023-24: Know Exemptions & Benefits For Senior, Super Senior Citizens

Basic Exemption Limit

For senior citizens, the basic exemption limit is Rs 3,00,000. If the income of a senior citizen is Rs 3,00,000, or less, they will not have to pay any income tax. For super senior citizens, the basic exemption limit is Rs 5,00,000. This higher exemption limit is provided to super senior citizens to ensure that they have a higher disposable income to meet their medical and other expenses. However, under the New Tax Regime, the exemption limit is Rs 2,50,000 for both categories of taxpayers.

Tax slabs

For senior citizens, the tax slab rates are as follows:

– Up to Rs. 3,00,000: No tax

– Rs. 3,00,001 to Rs. 5,00,000: 5 per cent

– Rs. 5,00,001 to Rs. 10,00,000: Rs 10,000 + 20 per cent above Rs. 5 Lakh

– Above Rs. 10,00,000: Rs 1,10,000+ 30 per cent above Rs. 10 lakh

Tax slabs for super senior citizens

– Up to Rs. 5,00,000: No tax

– Rs. 5,00,001 to Rs. 10,00,000: 20 percent

– Above Rs. 10,00,000: 1,00,000+ 30 per cent above Rs. 10 lakh

Deductions

Both senior citizens and super senior citizens are eligible for a higher deduction of Rs 1 lakh under Section 80D for medical insurance premiums. Additionally, they are also eligible for a deduction of Rs 50,000 under Section 80TTB for interest income from savings accounts and deposits.

Tax rebate

Senior citizens are eligible for a tax rebate of Rs 12,500 if their total income is less than Rs 5,00,000. Super senior citizens are eligible for a tax rebate of Rs 50,000 if their total income is less than Rs 5,00,000.