BANKING AFFAIRS

Detailed explanation-1: -A Senior Citizen is a resident Indian who is of the age of 60 years and above and a Super Senior Citizen is a resident Indian who is of the age of 80 years and above at any time during the respective financial year.

Detailed explanation-2: -A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year. Note: Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above.

Detailed explanation-3: -Income tax exemption limit is up to Rs. 5, 00, 000 for super senior citizen aged above 80 years. An additional 4% Health & education cess will be applicable on the tax amount calculated as above. 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.

Detailed explanation-4: -Super Senior Citizens Income Tax slabs (more than 80 years of age) for FY 2023-24. Income tax exemption limit is up to Rs. 2.5 lakh. Surcharge is applicable if total income is more than Rs.

Detailed explanation-5: -The age of a senior citizen varies according to the source. For example, according to Medicare, a senior is 65 years old or older. However, Social Security benefits are eligible for seniors starting at 62, even though the Social Security Office reports that 67 is the age of retirement.