ITR Filing For Senior Citizens: How To Calculate Taxable Income And Maximise Deductions
Section 139 of the Income Tax Act governs the filing of income tax returns by every individual with income above the basic exemption limit.
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Section 139 of the Income Tax Act governs the filing of income tax returns by every individual with income above the basic exemption limit.
Older people new to ITR filing or with limited knowledge should know their basic tax exemption limit. For instance, for senior citizens, it is Rs 3 lakh; for super senior citizens, it is Rs 5 lakh.
Senior and super senior citizens get higher tax relief than ordinary taxpayers; learn more about the tax slabs and benefits.
One has to forgo various tax deductions if opting for the new tax regime, such as interest on a home loan under ‘Income from House Property’. However, there are still a few deductions that you can claim. Here’s a list of those deductions
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