Tax Changes for Senior Citizens

A new tax slab has been introduced for senior citizens of 80 years and above. There will not be any tax upto 5 lacs income for people above 80 years. Additionally, the current age limit for consideration as senior citizens has been reduced from 65 years to 60. And they will get tax exemption for income up to Rs 2.5 lakh (earlier it was 2.4 lakhs) (Financial year 2011-12 (Assessment Year 2012-13))