Those who attain the age of 60 years and above are eligible for the following exemptions extended by the government
- Section 88 of Finance Act, 1992, provides income tax rebate of up to Rs. 15,000 or actual tax whichever is less to senior citizens who have attained the age of 65 years at any time during the relevant previous year.
- Senior citizens are excluded from the “One by Six” scheme for filing the Income Tax Return under provision Section 139(1).
- For senior citizens, the deduction in respect of medical insurance premium is up to Rs. 15,000/– under Section 80 D.
- Separate counters are marked for senior citizens at the time of filing Income Tax Returns. Senior citizens who are 65 years and above as on 31st March of the assessment year should be pensioners. They should come personally, if they wish for priority while submitting their Income Tax Returns. Besides, on the spot assessment facility is also provided.