Senior citizens in every country are given special treatment in various forms.
In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well.
In this article we will understand meaning of senior citizen and various benefits available to senior citizens under Income Tax Act 1961.
Meaning of Senior Citizen:
As per Income Tax Act 1961, an individual is treated as senior citizen once he attains the age of 60 years or more and he will be treated as super senior citizen once he attains the age of 80 years or more.
It may be noted that an individual will be treated as senior citizen or super senior citizen for a financial year even if he attains the age of 60 or 80 years on the last date of such financial year.
For example: Mr X was born on 30.03.1960. Then he will be treated as senior citizen for the first time in FY 2019-20 since he has completed his 60 years within the FY 2019-20.
Read more on: https://taxguru.in/income-tax/special-tax-benefits-senior-citizen-income-tax-act-1961.html
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