New Delhi, April 26 -- One of the first concern for many seniors and retired taxpayers is maintaining stable savings and a reliable income. Thus, aligning your investments for good and steady income stream with regular payouts, and reducing your taxes is a win-win. The Income-Tax Act in India allows senior citizens some relief through deductions, exemptions and compliance activities, that they can use to reduce liability.

We discuss some of the benefits that senior citizens in India get while filing their income tax returns.

Further, super senior citizens of 80 years and above have a higher exemption limit of up to Rs.5 lakh annually.

Notably, the new tax regime keeps the basic exemption limit same for seniors and ordinary taxpayers at...