2024 Mileage Deduction Rate For Senior Citizens
2024 Mileage Deduction Rate For Senior Citizens. In order to calculate the income tax for a senior citizen, all the income is taken into consideration along with the allowable deductions and the income tax slab for. Section 194p, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income from specified banks.
Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens. The new regime, introduced by the.