Income that is exempt from tax for senior citizens in a financial year depends on the tax regime chosen. If a senior citizen or super senior citizen opts for the old, existing tax regime in a financial year, then income that is exempt will be up to Rs 3 lakh and Rs 5 lakh, respectively. However, if a senior citizen or super senior citizen opts for the new, concessional tax regime then income that will be exempt is Rs 3 lakh, irrespective of age.