Senior citizen scheme

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Querist : Anonymous (Querist)

24 May 2013 please brief the senior citizen scheme and deduction under I.Tax Act

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 June 2013 When it comes to determining the basic limit for computing tax liability, the senior citizen section enjoys a freedom upto Rs. 2, 50, 000 per year. Any income which is within the prescribed limit shall necessarily be exempted from the purview of taxation. A very senior citizens can claim up to Rs. 5,00,000.