Here are all the benefits available to senior citizens.
May 15, 2017|Economic Times|Full Article
Tax laws are relaxed for the them to ease their financial burden.
Income of up to Rs 3 lakh is non-taxable.
For super senior citizens (over 80 year of age), income of up to Rs 5 lakh is non-taxable.
Health insurance premium of up to Rs 30,000 gets tax deduction under Section 80D of Income Tax Act 1961.
The Senior Citizen's Saving Scheme is available to all seniors over the age of 60. It offers interest of 8.4% per annum.
Senior citizens get 0.5% higher interest rate on fixed deposits than the standard rate