Tax Laws for Senior Citizens

Taxation for Senior citizens Senior citizens have always had a special place in Indian society. This aspect has been acknowledged and respected even by the Indian tax laws, which attempt to cushion our elders by easing the tax paying and compliance process for them through certain benefits and deductions. Under the Income-tax Act, 1961, a 'Senior Citizen' has been defined as an individual who attains the age of 60 years at any time during a financial year, while an individual who is 80 years or more is categorised as 'Very Senior Citizen'. These categories of individuals enjoy some additional benefits…... Read More