Income Tax procision for Senior Citizens for FY 2018-19 (AY: 2019-20)
In the next Asst.Year 2019-2020(FY 2018-2019), the following are the Income tax benefits for the Senior Citizens.
1.Minimum Taxable limit 3 lakh for Senior Citizens.
2 Not need to be paid for advance tax to the Senior Citizens.
3.Salaried class employees is allowed Standard deduction to the for Rs.40000/- under Chapter VI A.
4.Fixed deposits up to Rs 50000 / – for senior citizens under Section 80 TTA. No income tax for earned interest.
5.Senior Citizens under Sec 194A TDS limit for interest is raised to be Rs.50000/- from Rs.10000/-.
6.Deduction under Sec 80D for Medical Insurance is raised to Rs.50000/- for Senior Citizens.
7)Senior Citizens under Sec 80DDB medical expenditure for critical illness is raised to be Rs.60000.
8.Tax deduction for the interest on S.B account interest is raised to Rs.50000/-from 10000/-for Senior Citizens.
Above is just a short compilation of the basic provison for Senior Citizens.