Income tax slab for senior citizens above 60 years: Section 194P of the Income

Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above. Conditions for exemption are: The senior citizen will submit a declaration to the specified bank. The bank is a ‘specified bank’ as notified by the Central Government. Tax Calculation for Senior Citizens above 60 years In case senior citizens want to calculate the amount of tax that must be paid, the income that is generated from all sources must be added. As per the slabs under the old income tax slabs the below-mentioned exemptions and deductions are allowed: For FY 2024-25 (AY 2025-26), the basic exemption limit for senior citizens is Rs. 3 lakh. This means that individuals earning up to Rs. 3 lakh annually are not required to pay income tax. For super senior citizens (aged 80 years or above), the exemption limit is even higher at Rs. 5 lakh. 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: