As per the income tax act, a person attaining age 60 or more in a financial year even for a day becomes a senior citizen. Income tax gives relief to senior citizens in the form of a higher tax exemption limit. If a senior citizen is aged 60 or above but less than age 80, his income of Rs.3 Lacs p.a. is tax-exempt. If a senior citizen is above age 80 then his income up to Rs.5 Lacs is exempt...
