It is inconceivable to imagine that we wouldn’t want to help our elderly parents. When it comes to filing for income tax call mom property taxes, automobile taxes, etc., it can become too cumbersome for the elderly not just to remember but also to follow the elaborate procedures. It is even tougher for those suffering from dementia or other age-related disorders.
Of course, filing for an elderly mothers’ income tax is not only beneficial to the parent but also to you. You have to become the Primary financial caregiver of your parents in order to apply for your elderly mother’s income tax.
The elderly are allowed multiple benefits under the Income-tax Regulations as per the Indian government. Here are some of the benefits that you can claim by filing your elderly mother’s income tax:
- Benefits from paying medical insurance:
In order to encourage paying for medical insurance towards the care and treatment of the elderly, the Government of India allows up to is a sum of rupees 50,000 to be claimed as deductions regardless of age.
- Varying interest rates levied on income:
If your elderly mother receives income in the form of interests from the savings account, fixed deposits, pension plans, etc. There are no tax charges levied on these Earnings.
- Income tax benefits when filing under exemptions:
An average citizen of India is allowed Rupees 250,000 in tax exemptions as the aggregate income is considered insufficient. Senior citizens tend to get higher tax slabs of exemption, therefore filing their income tax inadvertently indicates assured returns.
If your elderly mother is above the age of 60, Then they are offered an exemption of anywhere between rupees 3 lacs She left. If the income was to exceed rupees three lacs, then they will be required to pay an amount equivalent to only 5% of their income towards income tax for the financial year.
If your elderly mother is a super senior, I.e., above the age of 80, they are allowed an exemption of up to rupees 5 lacs.
- Benefits from government-approved allowances to treat certain diseases:
Under the income tax acts of section 80DDB opening to senior citizens, the Government of India permits the expenses towards the treatment of your elderly mother from her income to be deducted. There is a cap of Rupees 40,000 On the overall costs for the treatment. You will also need to provide authenticated evidence of said treatments.
- Deductions levied on the income attained from a pension plan:
If your elderly mother has a pension plan of Rupees 50,000, under the Income Tax Act, as a senior citizen, you will be allowed to exercise a standard deduction. This is in view of the fact that in the growing economy it has become increasingly difficult for elderly folks to keep up with their medical treatments, healthy living, etc. Due to considerably high-income tax slabs.
Filing the income tax for your elderly mother is nothing but beneficial to all.
