[amp_mcq option1=”Rs. 1.00 lakh” option2=”Rs. 1.50 lakh” option3=”Rs. 1.85 lakh” option4=”Rs. 2.00 lakh” correct=”option3″]<\/p>\n
The correct answer is (c) Rs. 1.85 lakh.<\/p>\n
As per the Union Budget 2005-2006, the senior citizens have not to pay income tax up to an income of Rs. 1.85 lakh. This exemption was increased from Rs. 1.00 lakh in the previous budget. The exemption is available to senior citizens who are 60 years of age or above on 31st March of the assessment year.<\/p>\n
The exemption is available for both earned and unearned income. However, there are certain conditions that need to be met in order to avail the exemption. For example, the senior citizen must be a resident of India for the entire assessment year. The exemption is also not available for income from certain sources, such as income from house property and capital gains.<\/p>\n
The exemption for senior citizens is a tax relief measure that is aimed at providing relief to the elderly. The exemption helps to reduce the tax burden on senior citizens and allows them to save more for their retirement.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”Rs. 1.00 lakh” option2=”Rs. 1.50 lakh” option3=”Rs. 1.85 lakh” option4=”Rs. 2.00 lakh” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[203],"tags":[],"class_list":["post-4174","post","type-post","status-publish","format-standard","hentry","category-income-tax","no-featured-image-padding"],"yoast_head":"\n