KEY CONCESSIONS AVAILABLE

■ Those senior citizens who don’t have any income from business or profession are exempted from paying advance tax

■ They can avail of tax deduction up to ~50,000 under Section 80TTB on interest earned from deposits (both fixed and savings) with banks, cooperative banks, and post office

■ Senior citizens can avail of deduction up to ~50,000 in a financial year on health insurance premium

■ They can get a deduction of up to ~1 lakh in a financial year under Section 80DDB, if they undertake treatment for specified diseases or critical illnesses

■ Income received from reverse mortgage scheme is not taxed

■ Senior citizens are also allowed a standard deduction of ~50,000 on their pension income