Senior and very senior citizens enjoy higher income tax exemption limits, offering significant tax relief for FY 2022-23.
Senior citizens and very senior citizens receive higher income tax exemption limits than regular taxpayers. For the financial year 2022-23, resident senior citizens have an exemption limit of Rs. 3,00,000, offering an additional benefit of Rs. 50,000 over non-senior citizens, who have an exemption limit of Rs. 2,50,000. Resident very senior citizens enjoy an exemption limit of Rs. 5,00,000, providing an additional benefit of Rs. 2,50,000 compared to non-senior citizens. These increased limits reduce the taxable income for senior and very senior citizens, offering them significant tax relief.
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