The Live Ahmedabad
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured

The Live Ahmedabad

  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
Nation

Exemptions and deductions senior citizens can claim on their income tax return for 2022–23

by TLAteam June 29, 2023June 29, 2023
written by TLAteam June 29, 2023June 29, 2023
Exemptions and deductions senior citizens can claim on their income tax return for 2022–23

In India, senior citizens are eligible for numerous income tax benefits. Indian citizens 60 years of age and older are eligible for income tax benefits such as the standard deduction, advance tax payment, deductions for medical insurance premiums, interest from bank and post office deposits, and more.

Business News

To recall, the exemption limit under the previous tax system was Rs. 3 lakh for senior citizens and Rs. 5 lakh for super senior citizens (80 years of age and older). However, there is no specific exemption threshold for senior or super senior citizens under the new tax system. Both receive the same basic exemption of 2.5 lakhs as an ordinary taxpayer.

ITR filing: What Are The Exemptions and Deductions that Senior Citizens Can Claim?

  • In the new tax regime, there is no separate exemption limit for senior or super-senior citizens.
  • According to Section 80D of the Income Tax Act, one can avail of tax benefits against the cost incurred to purchase health or critical illness insurance.
  • The maximum deduction allowed under this section is Rs 25,000 for self, spouse, and dependent children.
  • However, if one or both parents are above 60 years of age or senior citizens, the maximum tax deduction allowed is Rs. 50,000.

Who is a Senior Citizen?

A resident Indian who is 60 years of age or older is considered a senior citizen. Only residents of the country can avail of these special benefits.

What is Section 80D?

Every individual or HUF can claim a deduction from their total income for medical insurance premiums paid in any given year under Section 80D. This deduction is also available for top-up health plans and critical illness plans.

The deduction benefit is available not only for a health insurance plan for self but also premium paid for the policy to cover a spouse, dependent children or parents.

AhmedabadAhmedabad cityAhmedabad newsGujaratlatest news
0 comment
previous post
‘Kaun Banega Crorepati 15’ in new format, releases first promo
next post
Red Alert in South Gujarat districts amid very heavy rain warning for 3 days

You may also like

Indian Tourist Attacked by Tiger in Thailand While...

May 31, 2025

Modi Government Launches ‘1600’ Number Series to Stop...

May 31, 2025

June 2025 Bank Holidays: State-Wise List and Total...

May 31, 2025

WhatsApp to Stop Working on Some Old Phones...

May 31, 2025

Facebook Sees Spike in Harmful Content as Meta...

May 31, 2025

India’s Active COVID-19 Cases Rise to 2,710; Kerala...

May 31, 2025

Karnataka Bans Hookah Bars, Raises Tobacco Buying Age...

May 31, 2025

Baba Vanga’s 2025 Predictions: These Zodiac Signs May...

May 30, 2025

New Finance Act 2025 Removes DA Hikes and...

May 30, 2025

Historic Milestone as First Batch of Women Cadets...

May 30, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Business News

Recent Posts

  • Miss Thailand Suchata Chuangsri Crowned Miss World 2025

    May 31, 2025
  • Indian Tourist Attacked by Tiger in Thailand While Taking Selfie | Watch Video

    May 31, 2025
  • Modi Government Launches ‘1600’ Number Series to Stop Fraud Calls

    May 31, 2025
  • Vibes and Values: Shalmali’s “all good?” Hits the Right Notes

    May 31, 2025
  • Two Youths Killed in Road Accident in Naranpura, Ahmedabad

    May 31, 2025
June 2023
MTWTFSS
 1234
567891011
12131415161718
19202122232425
2627282930 
« May Jul »
The Live Ahmedabad
Footer Logo
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms of use
  • Advertise with Us
  • Work With Us
  • Contact Us

© 2021 - The Live Ahmedabad. All Rights Reserved.