rohith
asked over 3 years ago
Hi May I know, What are the benefits available to a senior citizen and very senior citizen in respect of tax rates?
narahari
answered over 3 years ago
A senior citizen is granted a higher exemption limitcompared to non-senior citizens. The exemption limit for the financial year 2015-16 available to a resident senior citizen is Rs. 3,00,000. In other words, a resident senior citizen is not liable to pay any tax up to income of Rs. 3,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers.
Archana
answered over 3 years ago
Hie Rohith, - Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year 2015-16 is as follows :- - **Senior citizen** A senior citizen is granted a higher exemption limitcompared to non-senior citizens. The exemption limit for the financial year 2015-16 available to a resident senior citizen is Rs. 3,00,000. In other words, a resident senior citizen is not liable to pay any tax up to income of Rs. 3,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers. - ** Very senior citizen** A very senior citizen is granted a higher exemption limit compared to others. The exemption limit for the financial year 2015-16 available to a resident very senior citizen is Rs. 5,00,000. In other words, a resident very senior citizen is not liable to pay any tax up to income of Rs. 5,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 2,50,000 in the form of higher exemption limit is available to a resident very senior citizen as compared to normal tax payers.
ARJUN PRATAP SINGH
answered over 3 years ago
Dear Friend, as far as your query is concerned that What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? Let me informed that Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen and very senior citizen for the financial year 2015-16 is as follows : Senior citizen A senior citizen is granted a higher exemption limitcompared to non-senior citizens. The exemption limit for the financial year 2015-16 available to a resident senior citizen is Rs. 3,00,000. In other words, a resident senior citizen is not liable to pay any tax up to income of Rs. 3,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to normal tax payers. Very senior citizen A very senior citizen is granted a higher exemption limit compared to others. The exemption limit for the financial year 2015-16 available to a resident very senior citizen is Rs. 5,00,000. In other words, a resident very senior citizen is not liable to pay any tax up to income of Rs. 5,00,000. The exemption limit for non-senior citizen is Rs. 2,50,000. Thus, it can be observed that an additional benefit of Rs. 2,50,000 in the form of higher exemption limit is available to a resident very senior citizen as compared to normal tax payers. Hope answer was helpful to you Regards, Arjun Pratap Singh
