As the tax filing season approaches, it is essential for senior citizens and super senior citizens to select the correct Income Tax Return (ITR) form, ensuring compliance and maximising benefits. Senior citizens, defined as those over 60, can enjoy a basic exemption limit of Rs 3 lakh under the Income-Tax Act, 1961, while super senior citizens, aged 80 and above, have a higher exemption limit of Rs 5 lakh. Importantly, for those opting for the New Tax Regime, this higher exemption is not available, with the basic limit remaining at Rs 3 lakh.
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