Income Tax: Less Taxing to be a Senior Citizen!!! Senior Citizens are a treasure to our society. They have worked hard all these years for the development of the nation as well as the community. At this age of their life, they need to be taken care of and made to feel special. It is often said that the true character of a society is judged by how it treats its elders. The senior citizens of a country need to be taken care of by the society in general and by their children in particular. Indian Government provides several benefits through its schemes in various sectors of development. With various tax benefits schemes Indian Government has created reasons for Senior Citizens to feel happy. Senior citizens largely depend on passive sources of income, such as pensions, fixed deposits, Rental incomes of house properties, Senior Citizen Saving Scheme, Post office scheme, interest on savings, Reverse Mortgage etc Off late, lots of benefits have been granted to senior citizens in India so that they can live a fulfilled life. These are available in the form of special saving schemes, pension schemes, postal schemes, mediclaim policies, etc As described under per Income Tax Act one who has Completed the Age of 60 years during the previous year or in a year prior to that is a senior Citizen and one who has completed the Age of 80 years during the previous year or in a year prior to that is a super Senior Citizen. Continued... Read full article on our Blog section at gjmco.in
Posted on: Thu, 28 Nov 2013 14:25:40 +0000
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