Tax provision for senior citizens for FY 2018-19

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Tax provision for senior citizens for FY 2018-19

*TAX RATES FOR SR CITIZENS FOR FINANCIAL YEAR (FY) 2018-19*In   the   next  Assessment Year(AY)*2019-20(FY 2018-19),*

the following  are  the  Income Tax *benefits for the senior citizens*

1. Minimum Taxable limit *3 lakhs* not liable for taxation.

2 *No   advance   tax* need  to be paid.

3.*Standard   Deductions*   forsalaried      class   employees  is*allowed   for   Rs.40000/-* underChapter VI A*

4. *No Income Tax* for the *interest* earned in the Term Deposit  *upto Rs.50000/-*   under   Sec 80  TTB

5.   *TDS     limit*   for interest is raised  to *Rs.50000/-*  from*Rs.10000/- under Sec 194 A

6. *Deduction* under  Sec 80 D for *medical insurance* is *raised to Rs 50000/-*

7. Medical expenditure for *critical illness* is   raised to *Rs.60000* under Sec 80DDB*

8.Tax  *deduction  for the interest on S.B* account interest is *raised to    Rs.50000/-*  from Rs 10000/-.

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