All about Senior Citizen Tax Slab
According to recent estimates from the United Nations Population Division, the total number of Indians aged 60 years and above is predicted to reach 19% of the country’s total population by 2050.
This prediction pegs the total number of senior citizens in the country at 323 million. 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 has 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 as a Senior Citizen in India?
According to the law, a senior citizen is an individual resident between the age group of 60 to 80 years, as on the last day of the previous financial year.
Who is Considered as a Super Senior Citizen in India?
A super senior citizen is an individual resident who is above 80 years, as on the last day of the previous financial year.