Senior Citizens / Pensioners
Who is a Senior Citizen?
A Senior citizen is a Resident Individual, who has attained age of 60 years or more.
Who is a Super / Very Senior Citizen?
A Super / Very Senior citizen is a Resident Individual, who has attained age of 80 years or more.
Benefits Available to Senior Citizens and Super / Very Senior Citizens
- Income tax rebate upto an income of ₹ 3,00,000/- p.a. for senior citizens aged 60 years of more but below 80 years.
- Income tax rebate upto an income of ₹5,00,000/- p.a. for senior citizens aged 80 years of more.
- Interest income from deposits (saving deposits and fixed deposit) with banks or post office or co-operative banks of an amount upto ₹ 50,000/- earned by senior citizens is exempt from Income Tax under section 80TTB.
- Section 194A provides for no deduction of tax at source from payment of interest to a senior citizen up to ₹ 50,000/-.
- Higher Income tax rebate for Medical Treatment for Specified Diseases for Senior Citizens (₹ 60,000/-) and Very Senior Citizens (₹ 80,000/-) under section 80 DDB
- Higher Income tax rebate for Medical Insurance Premium for Senior Citizens (₹ 50,000/-) under section 80D.
- Exemption from e-filing for Super / Very Senior Citizens filing his return of income in Form ITR 1 or ITR 4 and having total income of more than ₹ 5,00,000/- or having a refund claim can file his return of income in paper mode, i.e., for him e filing of ITR 1 / 4 (as the case may be) is not mandatory. However, he may go for e-filing if he wishes.
- Senior Citizens are paid interest 0.5% to 1% higher than the normal rates.
- The 5-year Senior Citizen Savings Scheme provides for 8.7% p. a. interest w.e.f. 01.10.2018 on their deposits. The interest received, over and above the rebate available under section 80TTB, is taxable on Fixed deposits as well SCSS .
- Banks also offer special savings accounts for senior citizens and separate queues for them.
- Most Airlines are providing 50 per cent discount on Normal Economy Class fare for all domestic flights to Indian senior citizens who have completed the age of 60 years, subject to certain conditions.
- in Indian Railways provide fare concession in all Mail / Express including Rajdhani / Shatabadi / Jan Shatabadi trains for senior citizens aged Female - 58 years and Male 60 years and above. The amount of concession is 40 % for Male and 50 % for female.
- in Indian Railways also have the facility of separate counters for Senior Citizens for purchase / booking / cancellation of tickets.
- Some State Governments are giving fare concession to senior citizens in the State Road Transport Undertaking buses and are introducing Bus Models, which are convenient to the elderly.
- Reservation of two seats for senior citizens in front row of the buses of the State Road Transport Undertakings.
- Police verification which is usually conducted before issuing a passport can be postponed to after issuance in case of senior citizens, subject to the condition that the senior citizens submit a copy of their child staying abroad (over 18 years of age) with a page of their name on it with the application form.
- Some passport offices allow "walk-in" facility to senior citizens, which means they need not take an appointment in advance.
- Varishta Mediclaim Policy by National Insurance offers senior citizens between 60 to 80 years a maximum assured sum of Rs 1 lakh on hospitalisation and Rs 2 lakh for critical illness.
- The Varishtha Pension Bima Yojana 2017 by LIC provides an assured pension (maximum Rs 5,000 per month) with 8 percent guaranteed return for 10 years. A maximum of Rs 7,50,000 can be invested in the scheme to avail pension on a monthly, quarterly, half-yearly or annual basis.
- Special registration and clinical examination facilities are available for senior citizens in certain hospitals.
- Senior citizens over 60 years can write to the court to seek a preferential hearing of their cases.
Links to Info and Utilities for Senior Citizens / Pensioners
|Forms in Fillable PDF format
|Government Pension forms||General, Commutation of Pension, GPF / CPF, Nomination, Medical / CGHS, Indemnity bonds etc.
|Post Office forms||Forms for Post Office Small Saving Schemes and other Post Office forms|
|Income Tax Slabs
|Income Tax Slabs||Income Tax Slabs for Individual, Sr. Citizen, Very Senior Citizen and other tax payers for AY 2020-21, AY 2019-20, AY 2018-19 and AY 2017-18.|
|Income Tax Calculators
|Income Tax Calculator||Calculate Income Tax and Taxable Income for Individual, Sr. Citizen, Very Senior Citizen and HUF for AY 2020-21, AY 2019-20, AY 2018-19 and AY 2017-18.
|Taxable Gratuity Calculator||Calculate taxable amount of Gratuity payable under Gratuity Act 1972 and Other provisions.|
|PPF (Public Provident Fund)
|PPF Calculator||Calculate Estimated / Actual Interest, Maturity and Return on Investment for Fixed / Variable Monthly and Yearly Investments and Available amount of Loan / Widthdrawal during Current Financial Year.
|PPF account||Salient Features and tax benefits of PPF Accounts|
|PMVVY 2020||Salient features of PMVVY (Pradhan Mantri Vaya Vandana Yojana) Modified-2020 - Benefits, Eligibility, Purchase Price, Pension payment, Loan, Surrender Value etc.
|Pension account in Banks||Frequently Asked Questions about Pension Payment in Banks
|Post Office Small Saving Calculator||Calculate Accrued Interest, Interest Payable, Maturity amount for Post Office Small Saving Schemes viz. NSCs, RD, MIS, SCSS, TD and KVP
|Senior Citizen Saving Scheme||Salient features of Senior Citizen Saving Scheme
|Post Office Recurring Deposit Scheme||Salient features of Post Office Recurring Deposit Scheme
|Post Office Monthly Income Scheme||Salient features of Post Office Monthly Income Scheme
|Information on Pension||Taxability of Pension and Family Pension, Tax Benefits available to Sr. Citizens and Very Senior Citizens. FAQs (Frequently Asked Questions) relating to Pension Payment by Banks
|Taxability of Retirement Benefits||Information about taxability of retirement benefits.|