How Senior Citizens can get Maximum Tax Rebate for FY 2018-19?

In   the   next  Assessment Year (AY)

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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