The Income Tax Act 1961, offers a higher basic exemption limit to senior citizens under the Old Tax Regime. Senior Citizens above 60 years of age but not above 80 years enjoy a basic exemption limit of Rs. 3 lakhs. Whereas, Super Senior Citizens above 80 years of age enjoy a basic exemption limit of Rs. 5 lakhs. However, the New Tax Regime does not offer any such kind of higher basic exemption limit for Senior and Super Senior Citizens.
GST returns
Contents hide
1 Classification of Resident Individuals
2 Senior Citizen and Super Senior Citizen
4 Income Tax Slab for Senior Citizen
5 Income Tax Slab for Super Senior Citizen
6 Income Tax Slab Rate as Per New Tax Regime for Senior and Super Senior Citizen
8 Sources of Income for Senior and Super Senior Citizens
9 Benefits Available to the Senior and Super Senior Citizen
9.1 Higher Income Exemption Limit
9.4 Higher Deduction for Medical Insurance Premium
9.5 Higher Deduction for Specified Disease Treatment
9.6 Higher Deduction for Bank and Post Office Interest
9.7 Exemption from Advance Tax Payment
9.8 Benefit of Reverse Mortgage Scheme
9.9 Deduction on Investment in Senior Citizens Savings Scheme
10 When are Senior Citizens not Required to File Income Tax Return?
Classification of Resident Individuals
Income Tax Act has categorized resident individuals into 3 parts-
- Individuals whose age is up to 60 years
- Senior citizens – Individuals aged between 60 to 80 years
- Super senior citizens – Individuals over 80 years of age
Senior Citizen and Super Senior Citizen
- Under the Income Tax Act, senior citizens are resident individuals aged between 60 to 80 years, while super senior citizens are resident individuals aged above 80 years.
- Resident senior and super senior citizens are provided with concessional tax rates under the old regime. No concessional tax rates are available under the new tax regime for them.
- They have an option to pay tax as per the old or the new tax regime.
- Non-resident senior citizens are not eligible for the concessional tax slabs, the normal provisions of income tax are applicable to them.
Age Eligibility
- Age Attainment Rule: For income tax purposes, a person is considered to have attained a particular age on the day preceding their birthday.
- Application: This rule determines eligibility for senior/super senior citizen tax benefits.
- Age Determination Criteria
- A resident individual is considered a senior citizen if they attain 60 during the financial year.
- If a person’s 60th birthday falls on 1st April 2025, they are deemed to have attained the age of 60 on 31st March 2025.
- Therefore, they are eligible for the higher basic exemption limit of ₹3 lakh under the old tax regime.
Similarly, the age limit of 80 years is also calculated for super senior citizens.
Income Tax Slab for Senior Citizen
As per the old tax regime, the income tax slabs and respective rates for senior citizens above 60 years for FY 2024-25 and FY 2025-26 (AY 2025-26 and AY 2026-27) are as follows-
Income tax consultation
| Income Slabs | Income Tax Rates |
| Up to Rs. 3 lakh | NIL |
| Rs. 3 lakh – Rs. 5 lakh | 5% |
| Rs. 5 lakh – Rs. 10 lakh | 20% |
| Above Rs. 10 lakh | 30% |
Income Tax Slab for Super Senior Citizen
Super senior citizens above 80 years of age can also avail the benefit of the old and new tax regimes as they have the choice to opt between the two, whichever is more beneficial.
As per the old tax regime, the income tax slabs for super senior citizens above 80 years for FY 2024-25 and FY 2025-26 (AY 2025-26 and AY 2026-27) are as follows:
| Income Slabs | Income Tax Rates |
| Up to Rs. 5 lakh | NIL |
| Rs. 5 lakh – Rs. 10 lakh | 20% |
| Above Rs. 10 lakh | 30% |
Income Tax Slab Rate as Per New Tax Regime for Senior and Super Senior Citizen
The new tax regime applies the same tax slabs to all, including senior and super senior citizens. However, taxpayers have to forgo many deductions and exemptions available to them.
The income tax slab rate as per the new regime for FY 2024-25 (AY 2025-26) is:
| Income Tax Slabs | Tax Rates |
| Up to Rs. 3 lakh | NIL |
| Rs. 3 lakh – Rs.7 lakh | 5% |
| Rs. 7 lakh – Rs. 10 lakh | 10% |
| Rs. 10 lakh – Rs. 12 lakh | 15% |
| Rs. 12 lakh – Rs. 15 lakh | 20% |
| Above Rs. 15 lakh | 30% |
The revised tax slabs under the new regime for FY 2025-26 (AY 2026-27) as amended in Budget 2025 are as follows:
| Income Tax Slabs | Income Tax Rates |
| Up to Rs. 4 lakh | NIL |
| Rs. 4 lakh – Rs.8 lakh | 5% |
| Rs. 8 lakh – Rs.12 lakh | 10% |
| Rs.12 lakh – Rs.16 lakh | 15% |
| Rs.16 lakh – Rs. 20 lakh | 20% |
| Rs. 20 lakh – Rs. 24 lakh | 25% |
| Above Rs. 24 lakh | 30% |
Cess and Surcharge
Cess
The above calculated tax for senior and super senior citizens shall be increased by Health and Education Cess @ 4% for both the regimes.
Surcharge
Additionally, surcharge is applicable on the basis of total income as follows:
The surcharge is applicable on the basis of total income as follows:
| Total Income | Surcharge Rate |
| > Rs. 50 Lakhs | 10% |
| > Rs. 1 crore | 15% |
| > Rs. 2 crore | 25% |
| > Rs. 5 crore | 37% |
Note: The highest surcharge applicable under the new regime is 25%.
Sources of Income for Senior and Super Senior Citizens
Senior and super senior citizens usually earn income from the following sources :
- Pension
- Interest on savings accounts or fixed deposit schemes
- Rental Income from renting out a house property
- Income from Capital Gains
- Senior citizen saving schemes
- Reverse mortgage schemes
- Post office deposit schemes which also pay interest, and many others
Loss in Trading ≠ Loss in Tax Refund.
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Benefits Available to the Senior and Super Senior Citizen
Senior and super senior citizens are eligible to avail numerous tax benefits as offered by the Income-tax Act, 1961 as are described below:
Higher Income Exemption Limit
- Senior citizens are required to pay tax over the income of Rs. 3 lakhs under the old tax regime
- This limit is Rs. 5 lakhs for super senior citizens.
- This benefit is not available for the ordinary individuals as the limit is Rs. 2.5 lakhs for them.
Standard Deduction
- If they are earning salary or pension income, they can claim a deduction of Rs. 50,000 from such income.
- For FY 2024-25 the standard deduction amount has been increased to Rs. 75,000 under the new tax regime.
Rebate under Section 87A
- If taxable income is up to Rs. 5 lakhs, then the senior and super senior citizens can claim rebate from tax under the old tax regime, i.e. they are not required to pay any tax.
- Whereas under the new tax regime, the total income limit is up to Rs. 7 lakhs and rebate can be claimed up to Rs.25,000.
Higher Deduction for Medical Insurance Premium
- Under the old tax regime, a deduction can be claimed on medical insurance premiums under section 80D
- For senior citizens and super senior citizens, the maximum limit is Rs. 50,000 as against Rs.25,000 for other taxpayers.
- This same deduction cannot be claimed under the new tax regime.
Higher Deduction for Specified Disease Treatment
- They can claim a flat deduction of Rs. 1,00,000 in respect of medical expenses incurred for specified diseases under Section 80DDB.
Higher Deduction for Bank and Post Office Interest
- Senior citizens taxpayers can claim a total deduction up to Rs. 50,000 in respect of interest earned from savings bank accounts, bank deposits, post office deposits or cooperative banks under Section 80TTB.
- While people below 60 years of age can claim deduction only up to Rs 10,000 on interest earned in savings bank account.
Exemption from Advance Tax Payment
- Senior citizens are not required to pay advance tax if they do not earn any income from business or profession.
- Therefore, no interest is levied on late payment of advance tax.
Benefit of Reverse Mortgage Scheme
- If a senior citizen transfers his house under reverse mortgage scheme where he receives monthly installments, he is not required to pay any capital gains tax on such transfer of house.
Deduction on Investment in Senior Citizens Savings Scheme
- Senior citizens over 60 years of age can invest in the Senior Citizens Savings Scheme thereby claiming a deduction up to Rs. 1.5 lakhs under Section 80C.
- This deduction is available only under old tax regime.
- This scheme also ensures regular as well as higher interest payouts. The same deduction cannot be claimed under the new tax regime.
When are Senior Citizens not Required to File Income Tax Return?
Senior citizens are not required to file income tax returns subject to satisfaction of all the below conditions:
- Their age is 75 years or more
- Total income consists of only pension and interest income. Interest income can be from any account maintained with the same bank in which they receive pension.
- They have submitted a declaration to the bank
- TDS is deducted by such bank under Section 194P
Frequently Asked Questions
Is ITR filing mandatory for senior citizens?
Yes, senior citizens have to file income tax returns mandatorily. However, senior citizens over 75 years of age, whose income consists of only pension and interest income from the same bank are exempted from filing income tax return provided he submits a declaration under Form 12BB.
Which ITR form is required to file the income tax return of senior citizens?
Senior citizens have to file ITR-1 if their income consists of salary or pension, rent from residential property, or income from other sources such as interest. However, if their income includes salary or pension, rent from residential property, income from the sale of capital assets such as shares or property or income from other sources, then they have to file ITR-2.
Can senior citizens file an offline ITR?
Super senior citizens over 80 years of age have an option to submit ITR-1 or ITR-4 through offline mode.
Can senior citizens claim any deduction from their pension income?
Yes, senior citizens can claim a standard deduction of Rs. 50,000 from pension or salary income.
Is interest earned on the Senior Citizen Savings Scheme eligible for any deduction or tax benefit?
Yes, the interest earned on Senior Citizen Savings Scheme is eligible for deduction up to Rs. 50,000 under Section 80TTB.
How much interest on FD is eligible for a tax deduction for senior citizens?
Senior citizens can claim a deduction of Rs. 50,000 on interest received on fixed deposits under Section 80TTB.
What is the tax slab for non-resident (NRI) senior citizens?
Non resident senior citizens over 60 years of age cannot avail the benefits available to resident senior citizens. Therefore, the tax slab applicable to normal individuals below 60 years of age is applicable to NRI senior citizens. They have to pay tax if their income exceeds Rs. 2,50,000.
Can a non-resident senior citizen claim a rebate under Section 87A?
No, NRI senior citizens are not eligible to claim the rebate under Section 87A. Therefore, they have to pay tax if their income is exceeding Rs. 2,50,000.
What is the tax rate in case of capital gains made by senior citizens or what is the tax rate in case of sale of shares by senior citizens?
Tax slab rates are not applicable in the case of capital gains, therefore, in the case of listed equity shares if shares are sold within a year, 15% tax rate is applicable under Section 111A and if shares are sold after 1 year, 10% tax rate is applicable under Section 112. On the other hand, in case of sale of unlisted shares, tax is to be paid as per the prescribed slab rates if shares are sold within 2 years and the tax rate is 20% in case shares are sold after a period of 2 years.
Can senior citizens claim deductions under sec 80C to 80U if they opt for the new tax regime?
No, senior citizens can claim deductions under sec 80c to 80u if they opt to pay tax under the old tax regime. However, they can avail deduction under Section 80CCD(2) employer contribution to NPS, 80CCH contribution to Agniveer Fund and 80JJAA, i.e. deduction for employment of new employees
Will senior citizens have age relaxation benefits if they opt to pay tax under the new tax regime under sec 115BAC?
No, senior citizens are entitled to age relaxation benefits if they exercise the option of paying taxes under the old tax regime.
DATE . July/14/2025
