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Senior citizen pensioner with consultancy income

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Consulting income is professional income, so Form 10-IEA is needed for the old regime. Senior citizens get a higher basic exemption and larger health insurance deduction only under the old regime. Whether it saves tax depends on your deductions.

Provisions

Sec 115BAC (now Sec 202); Sec 44ADA (now Sec 58)

Analysis

Under the old regime, a resident senior aged 60 to 80 has a ₹3,00,000 basic exemption and can claim more for health insurance and medical expenses. The new regime has a ₹4,00,000 nil slab for all ages and lower rates. If your pension and consulting total ₹10 lakh and your deductions are small, the new regime is likely cheaper. Compute both before filing the form.

Close

  1. Add pension and consulting income.
  2. List deductions available to you under the old regime.
  3. Compare tax both ways.
  4. File Form 10-IEA only if the old regime wins.

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