Bangalore: There are several areas where senior citizens can avail tax benefits and efforts should be made to ensure that they are effectively used by them whenever possible. But there are certain arenas where some small technical points led to the denial of the tax benefits. Hence, these need a little attention to be paid. Let’s have a closer look at them.

Overall Tax Benefits

Senior citizens have a tax benefit in the form of a higher basic exemption. Basic exemption limit is the income limit which will not have any tax liability. This limit for senior citizens is 2.5 lakh, and for income till 5 lakh, the tax charged would be 10 percent.

Prior to the budget, the age to be classified as a senior citizen was 65, which has been brought down to 60 years now. This is a relief as all can start getting the benefit of the higher basic exemption limit from a relatively lower age.