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2019-20(FY 2018-19), the following are the Income Tax *benefits for the sr citizens
1. Minimum Taxable limit 3 lakhs.
2. No advance tax need to be paid.
3. Standard Deductions for
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 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/-.
#Please keep above in mind while filing Income tax returns in the next FY*2018-19 or (AY)2019-20.
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