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*

*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 *✍🏻👍

RAJEEV GURJAR
FINANCIAL, INVESTMENT AND INSURANCE CONSULTANT
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8999190223
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SANGLI.