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Senior Citizen

'You are as young as you feel' - goes a popular saying. But thankfully, the law has a more objective definition of senior citizens.

- For all income tax related issues (tax slabs, forms, etc), any person aged  60 years or above is considered a senior citizen. He/she is given a more lenient treatment.

- For deriving benefit of higher interest rates in Bank fixed deposits or investing in senior citizens savings schemes, any person aged 60 years or above is considered a senior citizen. Indeed, even Indian Railways recognise 60 as the age for giving senior citizen concession.

- Needless to say, this is applicable only to individuals. Hindu Undivided Families, Proprietorships or Partnerships cannot claim senior citizen benefits.

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