Income Tax Slab for Senior Citizens & Super Senior Citizens: Deductions & Exemptions Explained

Everything about the Income Tax Slabs for Senior & Super Senior Citizens

As per Indian Census 2011, the total number of Indians aged 60 years and above is 10.38 crore in the country, which is projected to be 17.32 crore for 2026. Going by this data, the next pressing question that arises is the consequent economic, social and more importantly, healthcare challenges.

Taking such liabilities under consideration, the exemption limit on taxation for senior citizens and super senior citizens have been revised since the assessment year 2015-2016. Further, the income tax benefits for senior and super-senior citizens are also significantly higher than that for individuals below 60 years of age.

But who are considered senior and super senior citizens in India? Let us take a look.

Who is Considered a Senior Citizen in India?

According to Income tax, a senior citizen is a resident individual who is 60 years or more at any time of the financial year, but less than 80 years.

Who is Considered a Super Senior Citizen in India?

A super senior citizen is an individual resident who is 80 years or above of age, at any time during the financial year.

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Income Tax Slabs for Senior and Super Senior Citizens for FY 2023-24 (AY 2024-25)

The Union Budget 2023 proposed the same income tax slabs for all individual taxpayers, irrespective of their age, under the new tax regime. This implies that from April 1, 2023, senior citizens who are the ages of 60 or more but less than 80 and super senior citizens who are the age of 80 years or more have to pay the same taxes as those under 60 years of age under the new tax regime.

Income Tax Slabs for FY 2023-24 (AY 2024-25) - New Tax Regime (Same for Senior and Super Senior Citizens)

Under the new tax regime, taxpayers the age of 60 or above will have to follow the given tax rates for FY 2023-24.

Income tax slabs	Rate of Taxation
Up to ₹3,00,000	Nil
Between ₹3,00,001 and ₹6,00,000	5% of your total income that exceeds ₹3,00,000
Between ₹6,00,001 and ₹9,00,000	₹15,000 + 10% of your total income that exceeds ₹6,00,000
Between ₹9,00,001 and ₹12,00,000	₹45,000 + 15% of your total income that exceed ₹9,00,000
Between ₹12,00,001 and ₹15,00,000	₹90,000 + 20% of your total income that exceeds ₹12,00,000
More Than ₹15,00,000	₹1,50,000 + 30% of your total income that exceeds ₹15,00,000

Income Tax Slabs for Senior Citizens for FY 2023-24 (AY 2024-25) - Old Tax Regime

Senior citizens, aged 60 or more but less than 80, opting for the old regime for FY 2023-23 need to follow the given income tax rates.

Income tax slabs	Rate of Taxation
Up to ₹3,00,000	Nil
From ₹3,00,001 – ₹5,00,000	5% of your total income that exceeds ₹3,00,000
From ₹5,00,001 – ₹10,00,000	₹10,000 + 20% of your total income that exceeds ₹5,00,000
Above ₹10,00,000	₹1,10,000 + 30% of your total income that exceeds ₹10,00,000

Additionally, senior citizens will also be levied an additional Health and Education cess @ 4%, applicable to the tax amount calculated.

Income Tax Slabs for Super Senior Citizens for FY 2023-24 (AY 2024-25) - Old Tax Regime

The rate of taxation under the old tax regime for FY 2023-24 for individuals the age of 80 or more, who fall under the super senior citizen category, is as follows:

Income tax slabs	Rate of Taxation
Up to ₹5,00,000	Nil
From ₹5,00,001 – ₹10,00,000	20% of your total incomes exceeding ₹5,00,000
Above ₹10,00,001	30% of your total income exceeding ₹10,00,000

Super-senior citizens are also liable to pay an extra 4% Health and Education Cess on the calculated tax amount.

Income Tax Slabs for Senior and Super Senior Citizens for FY 2022-23 (AY 2023-24)

Taxpayers 60 years or more of age who need to file returns till 31 July, 2023, for the previous financial year 2022-23 must go through the following income tax slabs. These slabs are applicable only before Budget 2023.

Income Tax Slabs for Senior and Super Senior Citizens for FY 2022-23 (AY 2023-24) - New Tax Regime

For FY 2022-23, the income tax slabs for senior citizens (i.e., those having age 60 years or more but less than 80 years) and super senior citizens (i.e., those 80 years or more of age), are as follows:

Income tax slabs	Rate of Taxation
Up to ₹2,50,000	NIL
From ₹2,50,001 to ₹5,00,000	5% above ₹2,50,000
From ₹5,00,001 to ₹7,50,000	₹12,500 + 10% above ₹5,00,000
From ₹7,50,001 to ₹10,00,00	₹37,500 + 15% above ₹7,50,000
From ₹10,00,001 to ₹12,50,000	₹75,000 + 20% above ₹10,00,000
From ₹12,50,001 to ₹15,00,000	₹1,25,000 + 25% above ₹12,50,000
More than ₹15,00,000	₹1,87,500 + 30% above ₹15,00,000

Income Tax Slabs for Senior Citizens for FY 2022-23 (AY 2023-24)- Old Tax Regime

Senior citizens having the age of 60 or more and below the age of 80 need to follow the given old tax regime rates FY 2022-23:

Income tax slabs	Rate of Taxation
Up to ₹3,00,000	Nil
From ₹3,00,001 – ₹5,00,000	5% of your total income that exceeds ₹3,00,000
From ₹5,00,001 – ₹10,00,000	₹10,000 + 20% of your total income that exceeds ₹5,00,000
Above ₹10,00,000	₹1,10,000 + 30% of your total income that exceeds ₹10,00,000

An additional 4% Health and Education cess, applicable to the tax amount calculated will also be levied.

Income Tax Slabs for Super Senior Citizens for FY 2022-23 (AY 2023-24) - Old Tax Regime

To file returns until 31st July, 2023, super senior citizens having 80 years of age or more have to follow the given rate of taxation:

Income tax slabs	Rate of Taxation
Up to ₹5,00,000	Nil
From ₹5,00,001 – ₹10,00,000	20% of your total incomes exceeding ₹5,00,000
Above ₹10,00,001	30% of your total income exceeding ₹10,00,000

An extra 4% Health and Education Cess on the tax amount calculated is also applicable.

Surcharge for Income Exceeding ₹50 lakhs

If senior and super senior citizens have a taxable income exceeding ₹50 lakh, the tax is assessed as per the following surcharge for FY 2023-24, effective from April 1, 2023.

Taxable Income	Surcharge
Above ₹50 Lakh but below ₹1 Crore	10%
Above ₹1 Crore but below ₹2 Crore	15%
Above ₹2 Crore	25%

Note that for FY 2022-23 (AY 2023-24), the highest surcharge on income over ₹5 Crore was 37% that has been reduced to 25% by Union Budget 2023, effective from April 1, 2023.

Income Tax Exemptions for Senior Citizens Aged of 60 or more but less than 80 Years

After the Union Budget 2023 revised the income tax slabs under the new regime for FY 2023-24, the basic exemption limits for senior citizens became the same for both tax regimes, which is ₹3 lakhs. In FY 2022-23, the basic exemption limit for the new tax regime was ₹2.5 lakhs.

Income Tax Exemptions for Super Senior Citizens Aged 80 Years and Above

The basic exemption limits are different for super senior citizens in both tax regimes. The Union Budget 2023 proposed a basic income exemption limit of ₹3 lakhs under the new regime, which was ₹2.5 lakhs for FY 2022-23.

While under the old tax regime, they can claim a basic income exemption of up to ₹5 lakhs for both financial years.

Income Tax Benefits NOT Available for Senior Citizens Aged 60 Years and Above

In case senior citizens and super senior citizens opt for the new tax regime for FY 2023-24, they would have to forego certain income tax benefits, which are as follows:

House Rent Allowance (HRA)
Leave Travel Allowance (LTA)
Professional tax
Special Allowances by the employer, including conveyance allowance, relocation allowance, daily expenses during their course of employment
Interest on housing loan under Section 24
Children Education Allowance
Helper Allowance
Deduction under Chapter VI-A, such as 80C, 80D, 80E, 80TTB, etc. Apart from the deduction under Notified Pension Scheme and 80JJAA.

Know more about:- HRA Calculator

Income Tax Benefits for Senior and Super Senior Citizens in India

One of the vital areas where you can particularly benefit from these exemptions is healthcare. Owing to the rising cost of healthcare in the country, the government has offered tax benefits on health insurance policies that can reduce the financial liability of seeking treatment to quite an extent.

Following are some common tax deductions and benefits individuals aged 60 and above can avail of for financial years 2022-23 and 2023-24.

Standard Deduction

Pensioners above 60 years can claim a standard deduction of ₹50,000 under the head 'Income from salaries’ on their pension only. Family pensioners can also claim a standard deduction of up to ₹15,000.

Deduction Under Section 80DDB

Senior citizens can claim a deduction of up to ₹ 1 lakh for the medical expenditure of specific critical illnesses, as per the amendments made by the Union Budget 2018-19.

Health Insurance

Under Section 80D of the Income Tax Act, senior citizens can claim a deduction of up to ₹ 50,000 for medical insurance premiums, which is ₹ 25,000 for other individuals.

Interest From Savings

Under Section 80TTB, the deduction on interest income generated from deposits with savings bank accounts, bank deposits, post office deposits or cooperative banks post office and bank has been expanded from ₹ 10,000 for people below 60 years of age to ₹ 50,000 for senior citizens. This benefit also applies to interest income from various fixed and recurring deposit schemes.

Reverse Mortgage Scheme

Under this scheme, the regular instalments senior citizens receive upon mortgaging their home for life while the ownership and possession remain with them are entirely exempt from income tax.

Thus, with such income tax benefits, the government has tried to reduce the tax burden on the country's senior and super-senior citizens. So, before you pay your income taxes, know the applicable tax slabs, exemptions, and subsequent tax benefits to ensure you live a financially independent life in your golden years.

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FAQs about Income Tax Slab for Senior Citizens

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Can super senior citizens avail of any tax benefit concerning health?

Individuals above the age of 80 who are not insured by any health insurance policy can claim a deduction of up to ₹50,000 under section 80D of the IT Act for medical treatments and health check-ups.

What is the form through which senior citizens can file their income tax returns?

Senior citizens earning salary or income through pension or income from residential property or other sources can use ITR-1 to file their income tax returns. In case the income includes long and short-term capital gains, apart from the instances above, individuals will have to file their returns through ITR- 2.

Are senior citizen NRIs eligible to claim tax rebate under Section 87A?

No, one of the first criteria that individuals have to satisfy to avail deductions under Section 87A of the Income Tax Act is that they will have to be residents of India. Thus, non-residents cannot claim the rebate under Section 87A. Can super senior citizens avail of any tax benefit with respect to health?

Individuals above the age of 80 who are not insured by any health insurance policy can claim a deduction of up to ₹50,000 under section 80D of the IT Act, for medical treatments and health check-ups.

Can the tax benefits be availed for more than one health insurance policy?

Yes, tax benefits can be availed for more than one health insurance policy. However, you will have to meet the applicable eligibility criteria and ensure that all the premiums are paid to avail the tax benefits.

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