Benefits for Senior Citizens and Super Senior Citizens under Income Tax Act, 1961: MoD (Army)

Benefits for Senior Citizens and Super Senior Citizens under Income Tax Act, 1961: MoD (Army) HQ Order for education/ awareness of veterarns/ dependents

C/7099/I-Tax/SAPCS/2024

24 May 2024.

INTEGRATED HQ OF MoD (ARMY) /AG’s BRANCH
PS DTE/ STANDING ARMY PAY COMMISSION SEGTION

BENEFITS FOR SENIOR CITIZENS AND SUPER SENIOR CITIZENS UNDER INCOME TAX ACT, 1961

1. Income tax department provides exemptions/ benefits to Senuor Citizens and Super Senior Citizens under Income-tax Act, 1961. Citizens above 60 years of age are classified as Senior Citizens and above 80 years are classified as Super Senior Citizens. A summary of exemption/ benefits given to Senior Citizens and Super Senior Citizens is given as under-

(a) The basic Income exemption for citizen is 2.5. Lakhs. The exemption is as under for Senior Citizens-

(i)	Senior Citizens	₹ 3 Lakhs	This much amount is straightway deducted before computing tax liability on income.
(ii)	Super Senior Citizens	₹ 5 Lakhs

(b) Senior/ Super Senior Citizens have been exempted from paying advance tax which is otherwise payable in case IT/yr is more than ₹10,000/.

(d) Enhanced Med Insurance premium of ₹ 50,000/- for health insurance premium or Medical expenses is permissible as against ₹ 25,000/- pa for such citizens.

(e) In case of a dependent with disability on Senior Citizens for med treatment under Sec 80DD depending on disability on exemption of ₹75,000/- to ₹1,09,000/- is permitted.

(f) Senior Citizens can claim an exemption of ₹1,00,000/- for Self Dependents in case of treatment of specified diseases which is otherwise ₹ 40,000/- these diseases incl cancer, AIDS, Parkinson, Dementia atc.

(g) Higher deduction of income from interest from Bank/ Post Office for ₹50,000/- pa is permissible as against ₹10,00/- for other citizens (Sec 80TTTA).

(h) Senior Citizens are allowed to file paper IT returns as against e-filing which is mandatory for other citizens.

(j) Senior Citizens can use Form No 15H of IT return to claim No TDS (Tax Deduction at Source) from the Bank for income from RD, FD, Dividends and pension as well as other investments.

(k) Reverse mortgage of property will not be counted on capital gain and will also be exempted to be added in to income.

(l) In case the only source of income of Senior Citizens i.e. pension & Deposits interest etc. the bank will be resp for deduction of IT and Senior Citizens above 75 years age are exempted from filing IT return in such cases.

2. In view of the above, the info may pl be circulated to the envt for education/ awareness of veterarns/ dependents.

3. This has approval of the AG.

(Sachin Katia)
Col
Col Standing Army Pay Commission Sec

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