A lack of facilities and support for senior citizens can make their lives even more challenging. So, it’s important to do a reality check from time to time and make the necessary changes to make life easier for senior citizens.

Senior citizens whose age is 75 years or more are exempted from filing the ITR u/s 194P, subject to fulfilment of certain terms and conditions as applicable according to the ITR rule.

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages, and revenue from renting machinery.

Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules for exceptions, eligibility and other considerations.

Higher interest rates and TDS exemption limits for senior citizens have propelled their investments in fixed deposits, resulting in a significant amount of tax collection for the government, totaling around Rs 27,000 crore.

A Voluntary Provident Fund (VPF) is a fixed-income option for employees to save money for retirement along with the Employees Provident Fund.

In the fiscal 2023-24 budget, the government announced a new leave encashment limit of up to Rs 25 lakh for income tax exemption.