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महाभारत व्याख्यान पांडव वनप्रस्थान भाग १ Mahabharat 1 Nov 2017 Pandav Va...

Income Tax benefits for the Senior Citizens

bishambar makhija

Dear All,

Hope you find the following useful. If you can spot some more benefits or concessions, circulate.

In   the   next  Assessment Year*

*2019-2020(FY 2018-2019),the*

*following  are   the  Income Tax*

*benefits for the Senior Citizens*

*1.Minimum Taxable limit 3 lakhs*

*for Senior Citizens*

*2 No   advance   tax need  to be*

*paid   for   the     Senior Citizens*

*3.Standard   Deductions   to the*

*salaried      class   employees  is*

*allowed   for   Rs.40000/- under*

*Chapter VI A*

*4.No Income Tax for the interest*

*earned in the Term Deposit upto*

*to   Rs.50000/-  for   the   Senior*

*Citizens  under   Sec 80  TTB*

*5.   The TDS     limit   for interest*

*is the raised  to Rs.50000/-from*

*Rs.10000/-for the Senior Citizen*

*under Sec 194 A*

*6. Deduction under  Sec 80 D for* 

*Medical Insurance is raised to Rs*

*50000/- for Senior Citizens*

*7. Medical expenditure for critical*

*illness is   raised to Rs.60000 for* 

*Senior Citizen under Sec 80DDB*

*8.Tax  deduction  for the interest*

*on S.B account interest is raised*

*to    Rs.50000/-  from Rs 10000/-*

*for Senior Citizens*

*Please   keep   in your   mind the*

*above  Income  Tax concessions*

*while filing Income tax returns in*

*the next Financial Year

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