TAX RATES FOR SENIOR CITIZENS FOR FINANCIAL YEAR 2018-2019

In   the   next  Assessment Year 2019-2020(FY 2018-2019),the following  are   the  Income Tax benefits for the Senior  Citizens
senior citsen
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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