age tax for seniors
Qualifying age of senior citizens in various has been amended. Age limit has been reduced from 65 to 60 years to avail benefit of section 80D & 80DDB. Moreover, age limit for Form 15H which is applicable for senior citizen has also been reduced from 65years to 60 years. Notes: If you think you may be eligible for a Senior or Elderly property tax exemption, and have not claimed it for some time, you may be able to apply for past years. Check with your local assessor to see if you can receive credits for past tax years. Budget 2012, have reduced age of senior citizens for various provisions from 65 to 60 years. Income tax Rates for Senior Citizens (60–80 years). FY 2012-2013 TAX RATE. Upto Rs.2.50 lakhs NIL. From Rs.2.50 to 5 lakhs 10%. From Rs.5 to 10 lakhs 20%. Rs.10 lakhs and above 30%. For Very Senior Citizens (80 years and above). If you are 65 years of age or older, you qualify for the Over 65 Homestead Exemption. A Senior or Elderly tax exemption essentially lowers the amount of property tax the property owner pays each year, and each municipality will have its own method for providing the exemption. Age Requirements: The most common age requirement we encountered while researching senior property tax exemptions was for 61 years of age. That is, the property owner had to be at least 61 years of age in the year he/she was applying for the exemption. Some municipalities required that the property owner only be 60 years of age, while others required 65 years of age. But if you do earn other income that is not tax-exempt, then each year you must determine whether the total exceeds $11,700. If you are married and file a joint return with a spouse who is also 65 or older, you must file a return if your combined gross income is $22,900 or more. As long as you are at least 65 years old and your income from sources other than Social Security is not high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis. However, this tax credit is only useful when you actually owe tax to the IRS. When seniors must file. If you are unmarried and at least 65 years of age, then you must file an income tax return if your gross income is $11,700 or more. However, if you live on Social Security benefits, you don't include this in gross income. School Tax Ceiling. The homestead tax ceiling is a limit on the amount of school taxes you must pay on your residence. When you qualify your home for an Over-65 Homestead Exemption, the school taxes on that home will not increase as long as the exemption is in place. The tax ceiling freezes your school taxes at the amount you pay in the year that you qualify for the exemption.
Senior Citizens (60–80 years) Upto Rs.2.50 lakhs NIL. From Rs.2.50 to 5 lakhs 10%. From Rs.5 to 10 lakhs 20%. Rs.10 lakhs and above 30%. For Very Senior Citizens (80 years and above).