Income Tax Return: All the citizens of the country have to pay tax every year. Along with this, the source of income also has to be mentioned. For this, the Income Tax Department has made a tax law.
In this, the country has made the law of all classes. Explain that the Income Tax Department of the country has given a lot of benefits to senior citizens and said that only the country has the right on such benefits. In this, advance tax, standard deduction, deduction under medical insurance, tax received from bank and post office are deducted.
From this year, the Financial Department has implemented two types of regime. In this, senior citizens get tax exemption up to Rs 3 lakh and super senior citizens people up to Rs 5 lakh. At the same time, no separate limit has been fixed for the senior citizens in the new tax system. senior citizens and super senior citizens people will get a tax exemption of Rs 2.5 lakh.
How much exemption
Let us tell you that the tax exemption is different for the senior citizens and super senior citizens people. If any senior citizens select the option of old tax system, then they get tax exemption like that. In this, people in the age group of 60 years to 80 years get a rebate of Rs 3 lakh. And people above 80 years of age get a relaxation of 5 years.
Apart from this, the senior citizens get exemption under Income Tax Act 80TTB. In this, the option of medical insurance premium deduction is available. People above 60 years of age can avail tax benefit of up to Rs 1 lakh.
Let us tell you that only senior citizens are exempted under 80TTB of the Income Tax Act. In this, the option of medical insurance premium deduction can be selected.
The senior citizens should take advantage of the reduction in income tax. If more tax is deducted, then tax payers can give information about it while filling ITR. After this, refund of extra TDS is available.