For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

6 extra financial benefits that senior citizens receive in India

|

Senior citizens receive some additional benefits than most of the other individuals do not and rightly so. Here are 6 financial benefits that senior citizens receive.

No tax payable for income upto Rs 3 lakh
 

No tax payable for income upto Rs 3 lakh

The income tax exemption limit for senior citizens is Rs 3 lakhs, while for others it is Rs 2.5 lakhs only.

Benefits on fixed deposits

Benefits on fixed deposits

On bank fixed deposits senior citizens receive an extra interest rate of 0.5 per cent. Interest rates could vary when it comes to company fixed deposits, but it is certainly more than other individuals.

Benefit on TDS

Benefit on TDS

Senior citizens have to submit form 15H for claiming TDS exemption on their fixed deposits.

Advance tax and senior citizens

Advance tax and senior citizens

Senior citizens who own business and may not have business income are exempted from paying advance tax.

A good scheme
 

A good scheme

The Senior Citizens Savings Scheme is only meant for senior citizens and provides a decent interest rate of 9.2 per cent.

Read more about: senior citizens
Story first published: Monday, August 11, 2014, 8:41 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more