Income Tax Slabs For Senior Citizens, Income Tax Rates For Senior Citizens: Salaried people and pensioners have to mandatorily file their Income Tax Return (ITR). However, the government in Budget 2021-22 introduced a new section in the Income Tax Act, 1961 wherein senior citizens above 75 years are no longer required to ITR if they meet certain criteria.

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Here, we will tell you about the income tax slabs, rates and exemptions that senior citizens enjoy.

Income Tax Slabs For Senior Citizens (60 to 80 years)

5 tax saving options other than 80C  

Tax On Gratuity, Provident Fund For Retired Employees

The amount received from PF is tax-free for government employees. For non-government employees, PF receipts are exempted from tax if received from a recognised PF after rendering continuous service of not less than 5 years.​

Gratuity received on retirement is exempt from tax for government employees.

Whereas, for non-government employees, gratuity is exempt from tax in the following cases:

  • Gratuity amount of Rs 10 lakh
  • 15 days' salary for each year of service
  • Actual gratuity received.

Is Family Pension Taxable?

Family Pension is taxable in India. It is taxed under 'Income from Other Sources.' It is taxable after allowing a deduction of 33.33 per cent or Rs 15000, whichever is less.

Also read- Income tax return filing: What is ITR 1 Sahaj form? Check eligibility and steps to file online