The tax-filing season has begun. Senior citizens should take advantage of the deductions and exemptions available to them. Here’s a concise guide to help them make the most of these benefits and file their tax returns accurately.
Higher deduction limits
Medical deductions: Senior citizens enjoy higher deductions on medical insurance premiums. The deduction limit is Rs 25,000 for those below 60 years. “It is Rs 50,000 for senior citizens. And if they pay the premium for a dependent senior parent, they can claim an additional Rs 50,000,” says Deepak Kumar Jain, founder and chief executive officer (CEO), TaxManager.in.
Tax benefits for preventive