Income Tax Benefits for Senior Citizens: 8 Special Benefits You Must Know

Switch to Digit Insurance

Trusted by 2 crore Indians

COVID-19 covered

Health
Car
Bike
Commercial
COVID-19 covered

Travel
More Products

Enter Your Car Registration number

Mobile Number

+91

Enter Mobile Number to Proceed

+91

OR ENTER YOUR CAR NUMBER

DON'T KNOW YOUR CAR NUMBER?

or renew digit policy

I agree to the Terms & Conditions

Registration Number

{{(bikeCtrl.bikeLocalStorageValues.vehicle.isVehicleNew)?'New bike registration city':'City'}}

Previous policy expiry

Not Expired

Expired

DON'T KNOW REGISTRATION NUMBER?

I KNOW MY REGISTRATION NUMBER

IT'S A NEW BIKE

OR RENEW DIGIT POLICY

I agree to the Terms & Conditions

Which countries are you visiting?

x {{country}}

Most Popular(You can select more than one)

{{country}}

Leaving date

Return date

Try agian later

I agree to the Terms & Conditions

As mandated by Spanish Authorities your travel insurance needs to extend 15 days after your trip ends.
We will extend your coverage period accordingly.

Get Quote

Pincode

Policy Start Date

Policy End Date

Get Quote

Pin Code

Agent Code

In case, you wish to buy a plan for your siblings, aunts, uncles or any other relatives, you can buy a separate plan for them.

Add Members you want to insure

Mobile Number

Try agian later

Port my existing Policy

Agent Name: {{healthCtrl.integraAgentDetails.agentName}}

State: {{healthCtrl.integraAgentDetails.state}}

SP Name: {{healthCtrl.integraAgentDetails.spName}}

SP Code: {{healthCtrl.integraAgentDetails.spCode}}

Try agian later

Pin Code

Agent Code

Agent name: {{healthCtrl.integraAgentDetails.agentName}}

State: {{healthCtrl.integraAgentDetails.state}}

SP Name: {{healthCtrl.integraAgentDetails.spName}}

SP code: {{healthCtrl.integraAgentDetails.spCode}}

Mobile Number

+91 {{healthCtrl.mobileNumberError}}

Try agian later

done

I agree to the Terms & Conditions

You can select more than one member

{{familyMember.name}}

-{{familyMember.multipleCount}}+ Max {{healthCtrl.maxChildCount}} kids

(s)

Registration Number

Mobile Number

+91

City

Mobile Number

+91

OR ENTER YOUR REGISTRATION NUMBER

DON'T KNOW YOUR REGISTRATION NUMBER

or renew digit policy

I agree to the Terms & Conditions

Get Quote

Switch to Digit Insurance

Income tax slabs	Rate of tax	Health and Education Cess
Income up to ₹3 lakh*	No tax	NA
Income between ₹3 lakh and ₹5 lakh	5%	4% of income tax
Income between ₹5 lakh and ₹10 lakh	20%	4% of income tax
Income that exceeds ₹10 lakh	30%	4% of income tax

Income tax slabs	Rate of tax	Health and Education Cess
Income up to ₹5 lakh*	No tax	NA
Income between ₹5 lakh and ₹10 lakh	20%	4% of income tax
Income that exceeds ₹10 lakh	30%	4% of income tax

Income Tax Benefits for Senior Citizens

Who is Considered as a Senior Citizen in India?

Who is Considered as a Super Senior Citizen in India?

Why should Senior Citizens have special Income Tax Benefits?

8 Special Income Tax Benefits for Senior Citizens

1. Benefits under Medical Insurance

2. The Elementary Exemption Benefit

3. Privilege on Interest Income

4. No Advance Tax

5. Allowance on the treatment of specified diseases

6. Income Tax Return benefits

7. No tax under the Reverse Mortgage Scheme

8. Standard Deductions from Pension Income

Income Tax Slabs for Senior Citizens - Financial Year 2019-20

Income Tax Slabs for Super Senior Citizens (more than 80 years of Age) - Financial Year 2019-20

FAQs about Tax Benefits for Senior Citizens

✓ What is the standard deduction for senior citizens?

✓ What is the maximum age for Senior Citizens to pay income tax?

✓ What is the health insurance tax benefit limit for senior citizens?

✓ How much a senior citizen can earn tax free?

More article about Income Tax in India

Get our app