Outlook Money
Senior citizens can claim various deductions under the Income Tax Act to reduce their taxable income. Here are some of them
A standard deduction of Rs 50,000 is available for pension income.
Deductions up to Rs 1.5 lakh for investments in specified instruments like Public Provident Fund (PPF), National Savings Certificate (NSC), life insurance premiums, etc.
Medical insurance premiums up to Rs 50k are deductible under the old tax regime. For super senior citizens, medical costs up to Rs 50k can also be claimed if no health insurance is purchased.
Deductions for medical treatment of specified diseases and disabilities.
Deductions for donations to specified funds and charitable institutions.
Compiled By Manas Malhotra