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News India Live, Digital Desk: The Government of India provides many special income tax provisions to senior citizens of the country to ensure economic security and respectable life. By taking advantage of these provisions, senior citizens can not only reduce their tax burden, but can also feel financially independent and safe even after their retirement. According to the laws, senior citizens get several special discounts and deductions in tax, which differ from general taxpayers. By understanding these facilities, they can avail maximum benefits: High Income Tax Exemption Limit: Senior citizens are 60 to 80 years of age and the income tax exemption for more than 80 years is higher than normal individuals. This makes a part of one of his large incomes tax-free. For example, under the new and old tax regime, their exemption limits vary, which can be availed. More interest rates and tax benefits on the Fixed Deposit (FD): Most banks provide senior citizens to senior citizens slightly higher than the normal interest rate on FD. In addition, under Section 80 TTB (80TTB) of the Income Tax Act, senior citizens get the benefit of deduction of up to ₹ 50,000 on the interest income FD and savings account earned from banks, cooperatives or post offices. This cut makes the post -retirement income even more safe. Increased cuts on health insurance premium: Under Section 80D, senior citizens get a profit of up to ₹ 50,000 at their or family health insurance premiums. It was ₹ 25,000 before. It provides them protection from high medical expenses and reduces the tax burden. Additional deductions on the treatment of serious diseases: For the expenses incurred on the treatment of some specified serious diseases, senior citizens have the opportunity to claim an additional cut of up to ₹ 1 lakh under Section 80DB 80DDB. TDS exemption: TDS has been relaxed for senior citizens, TDS (Sources Rules) For Senior Citizens, TDS has been relaxed. More money is received and does not have to wait for refund later. Keeping these special income tax rules in mind, senior citizens can make their financial plan better and take full advantage of the relief being provided by the government. This not only increases their income, but also provides them mental peace.
