Income Tax Tips: Senior citizens get this big exemption in Income Tax, know how to submit the claim...

Every citizen of India has to pay taxes every year. Along with this, they also have to tell about all the sources of their income. For this, the Income Tax Department has made tax laws. In this, laws have been made for every section of the country.

The income tax laws of the country provide many tax benefits to senior citizens. Only Indians have the right to such benefits. In this, tax is deducted on advance tax, standard deduction, deduction under medical insurance premium, and interest received from bank and post office.

Two tax regimes have been implemented this year. In this, senior citizens get tax exemption up to Rs 3 lakh and very senior citizens get tax exemption up to Rs 5 lakh. At the same time, no separate limit has been set for senior citizens in the new tax system. Senior citizens and very senior citizens will get tax exemptions up to Rs 2.5 lakh.

How much discount will you get?
Tax exemption is different for senior citizens and very senior citizens. If any senior citizen selects the option of the old tax system, then he gets tax exemption accordingly. In this, a person in the age group of 60-80 gets a rebate of Rs 3 lakh. Whereas a person above 80 years of age gets a rebate of Rs 5 lakh.

Let us tell you that exemption is given to senior citizens only under 80TTB of the Income Tax Act. In this, the option of medical insurance premium reduction can be selected.

RBI made new rules regarding maintaining minimum balance in bank accounts, will be implemented from next month, and issued instructions to banks

At the same time, according to Section 80D of the Income Tax Act, if any person buys critical illness insurance, he gets the option of tax deduction on its premium. Individuals above 60 years of age can avail of tax benefits of up to Rs 1 lakh.

All senior citizens should take advantage of these tax cuts. If excess tax is deducted then the taxpayer can give this information while filing ITR. After this, a refund of additional TDS is available.

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