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Income tax is a portion of your annual income that is paid to the government at the end of every financial year. This tax money is used to fund various developmental activities, build infrastructure and for defence purposes. The government provides various tax benefits and tax exemptions to certain categories of people such as sportspersons, women and senior citizens. This is done to encourage them to continue earning, investing and providing for themselves.

Those who attain the age of 60 years and above are eligible for the following exemptions extended by the government The government assigns special priority towards senior citizens by providing them tax benefits higher than that of general taxpayers. For further details on tax benefits for senior citizens, click here.