ITR Filing: Exemptions and deductions that senior citizens can claim for FY24

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For the fiscal year 2024 and the assessment year 2024–2025, the income tax reporting season has already begun. Nonetheless, seniors receive significant tax breaks under income tax regulations. The individual must be 60 years of age or older but not older than 80 at any point during the year to qualify for these benefits.

A senior or super senior who earns more than the exemption amount is still required to pay taxes even though they are not required to file an income tax return (ITR). The exemption does not cover the actual tax liability; it only applies to filing the return.

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Together with income from other sources, the pension income is primarily responsible for taxes. But take note that government commuted pension income—that is, income that is immediately payable in a lump sum—is completely exempt from all taxes. Uncommuted pension income is subject to the relevant marginal slab rates and is taxable under the “Salaries" heading.

The taxation of commuted pension income from private businesses falls under the “Salaries" category, and the relevant tax rates apply.

Investments in tax savings made by March 31, 2024, will be included in income tax returns for the 2023–2024 fiscal year. Benefits like Section 80C for interest income and health insurance premiums are eliminated under the new tax law. There are still benefits from the previous regime in many areas.

Senior citizens looking to pay off their tax liabilities first focus on their income sources. Take into account all of your income sources, including your salary, pension, fixed deposit income, interest from savings accounts, rent from rental properties, capital gains