Income Tax Return (ITR) filing: Exemptions and deductions that senior citizens can claim
The income tax benefits available to senior citizens range from higher exemption limits to deductions under various sections on account of medical expenses and interest earned on deposits
India's income tax law provides several tax benefits for senior citizens. A resident Indian who is 60 years of age or older is considered a senior citizen. Only residents of the country can avail of these special benefits. For these citizens, there are income tax benefits available under payment of advance tax, standard deduction, deductions under medical insurance premiums, deduction for interest earned from bank and post office, and more.