Users' questions 

What is the rebate for senior citizen?

Leia Doyle

What is the rebate for senior citizen?

A senior citizen can earn tax-free income up to ₹3 lakh and super senior citizens above 80 years can earn tax-free income to up to ₹5 lakh. A senior citizen can earn tax-free income up to ₹3 lakh and super senior citizens above 80 years can earn tax-free income to up to ₹5 lakh.

What are the deductions for senior citizens ay 2020 21?

Super senior citizens Income tax slabs (more than 80 years of age) for FY 2020-2021

  • Income tax exemption limit is up to Rs. 5 lakh.
  • Surcharge is applicable if total income is more than Rs. 50 lakh and up to Rs. 1 crore: 10% of income tax.
  • Surcharge is applicable if total income exceeds Rs. 1 crore: 15% of income tax.

    Who is a very senior citizen under income tax rules?

    Criteria for very senior citizen Must be of the age of 60 years or above but less than 80 year at any time during the respective year. Must be of the age of 80 years or above at any time during the respective year.

    Are pensioners exempt from income tax?

    Taxability of Commuted and Uncommuted Pension Uncommuted pension or any periodical payment of pension is fully taxable as salary. In the above case, Rs 9,000 received by you is fully taxable. For a government employee, commuted pension is fully exempt. For a non-government employee, it is partially exempt.

    What is the age of female senior citizen?

    58 years
    (i) As per rules, male senior citizens of minimum 60 years and lady senior citizens of minimum 58 years are granted concession in the fares of all classes of Mail/Express/Rajdhani/Shatabdi/Jan Shatabdi/Duronto group of trains. The element of concession is 40% for men and 50% for women.

    What is the standard deduction for a 70 year old single person?

    For the 2019 tax year, seniors over 65 may increase their standard deduction by $1,300. If both you and your spouse are over 65 and file jointly, you can increase the amount by $2,600.

    Do pensioners have to file tax returns?

    If your only source of income is the aged pension then yes, you may still need to lodge a tax return. You do need to lodge a tax return if: Centrelink is withholding any tax from your aged pension payment. If there is any amount of tax withheld listed on your PAYG summary, then you should lodge a tax return.