The basic exemption limit applicable to the super senior
citizen (Resident in India) Individual during the previous
year 2020-21 is: (assuming assessee has not opted for
Section 115BAC of the Income tax Act, 1961).
Rs. 2,50,000
Rs. 3,00,000
Rs. 5,00,000
Nil
Answer:
A new category of Very Senior Citizens, 80 years and above, has been created who will be eligible for a higher exemption limit of Rs. 5,00,000. Senior citizen above the age of 80 years are entitled to higher exemption Limit of Rs. 5,00,000 from A.Y.