Income tax is a portion of your annual income that is paid to the government at the end of every financial year. This tax money is used to fund various developmental activities, build infrastructure and for defence purposes. The government provides various tax benefits and tax exemptions to certain categories of people such as sportspersons, women and senior citizens. This is done to encourage them to continue earning, investing and providing for themselves.
Separate counters are marked for senior citizens at the time of filing Income Tax Returns. Senior citizens who are 65 years and above as on 31st March of the assessment year should be pensioners. They should come personally, if they wish for priority while submitting their Income Tax Returns. Besides, on the spot assessment facility is also provided.
Senior citizens are eligible for the various exemptions (File referring to external site opens in a new window) extended by the government.
The government assigns special priority towards senior citizens by providing them tax benefits higher than that of general taxpayers. Read more on Concessions and Facilities given to Senior Citizens (External website that opens in a new window).