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/-.