Income tax slab for senior citizens above 60 years: The income tax slab for

The income tax slab for senior citizens above 60 years under the old tax regime is the same for both financial years 2024-25 and 2025-26, calculated as per their respective income tax slabs. Benefits for Income Tax Slab for Senior Citizens above 60 years Some of the benefits that can be availed by senior citizens under the Income Tax Act are mentioned below: Deductions under Section 80C of the Income Tax Act. Benefits under the Reverse Mortgage Scheme. Exemptions are provided in the case of advance tax payment. Higher interest rates are offered by banks. Deductions are higher in the case of certain medical treatments. Higher deductions are provided on medical insurance. Tax ... Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above. Conditions for exemption are: The senior citizen will submit a declaration to the specified bank. The bank is a ‘specified bank’ as notified by the Central Government. Popular Deductions Allowed under Old Tax Regime 80C, 80D, 80G, 80TTA HRA, LTA, home loan interest (Section 24) Education loan interest (Section 80E), etc. 2.Income Tax Slabs for Senior Citizens aged between 60 to 80 Years The income tax slabs for senior citizens aged above 60 years but below 80 years under the old tax regime are as follows: