3 Benefits Citizens Above 60 Should Never Miss

  • Interest income on deposits up to INR 50,000 is exempt from tax for citizens above 60 years. Simply fill out form 15H and deposit it with your bank. This way you can avoid TDS being deducted from your interest income accrued on your deposits (within the prescribed limit).
  • Also, the cut-off for medical insurance premium deduction from the total income is higher for citizens post 60.
  • The threshold for tax-free income is higher for the 60+; for the current assessment year, it is INR 300,000. For super-senior citizens (above 80 years), the exempt income is INR 500,000.
  • Some state transport government agencies give concessions to elderly citizens for local travel
  • The Indian Railways offers a 30% concession for citizens above 60 years of age for all trains including Rajdhani and Shatabdi
  • Separate counters are maintained for senior citizens
  • Many local airlines also offer discounts for domestic flights to senior citizens for economy class
  • Reserved seating, even on crowded local public modes of transport
  • Airport assistance with wheelchairs, electric utility vehicles, baggage assistance, security clearance, immigration assistance, etc.
  • Special meal requests

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