Senior Citizen
Income Tax Calculator for Senior Citizens (60+ Years)
Senior Citizens (aged 60 to 79) benefit from higher basic exemption limits under the Old Tax Regime (up to ₹3 Lakh) and larger deduction limits under sections like 80D and 80TTB. Choosing between the Old and New Tax Regime can be confusing post-retirement. Our Senior Citizen Income Tax Calculator accurately factors in pension income, FD interest, and specific senior citizen exemptions to evaluate your tax liability.
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Frequently Asked Questions
What is the basic tax exemption limit for senior citizens?
Under the Old Tax Regime, the exemption limit for senior citizens (60-79 years) is ₹3 Lakh. Under the New Tax Regime, it aligns with standard limits (e.g., ₹3 Lakh basic exemption with full rebate up to ₹7 Lakh/₹12 Lakh depending on the budget year).
How does Section 80TTB help senior citizens?
Section 80TTB allows senior citizens to claim a deduction of up to ₹50,000 on interest income earned from bank and post office deposits (savings, FDs, RDs).
Which regime is better for pensioners?
If you have high deductions (LTA loans, mediclaim of ₹50k, 80TTB), the Old Regime might still be favorable. If your sole income is pension and you lack investments, the standard deduction and low slab rates of the New Regime usually win out.