Lok Sabha

Income of senior citizens (including interest income) is exempt from tax upto a limit of Rs.1,95,000/- as compared to the normal limit of Rs.1,10,000/- in the case of any other man taxpayer and Rs.1,45,000/- in the case of any other woman taxpayer. No change in the existing dispensation is contemplated at present.

This information was given by Shri S.S. Palanimanickam, Minister of State for Finance in reply to a question raised by Shri Rewati Raman Singh in the Lok Sabha today.

Senior citizen income tax exemption remains higher than standard taxpayer limits, preserving elevated exempt threshold under current dispensation. Income of senior citizens, including interest income, is exempt from tax up to Rs.1,95,000, establishing a higher exemption threshold for that class of taxpayers compared with the normal exemption limits applicable to other male and female taxpayers, and the current dispensation is confirmed as unchanged.