Asked by: Efisio Parcerisaspersonal finance personal taxes
What is the tax exemption limit for senior citizens in India?
Last Updated: 6th January, 2020
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Regarding this, what is the tax exemption limit for senior citizens?
While the minimum exemption limit for those who fall in the senior citizens category is Rs. 3 lakh, those who qualify as senior citizens are exempt from tax if their income is under Rs. 5 lakh. Apart from this, the slabs remain the same for both groups of taxpayers.
Secondly, what is the standard deduction for senior citizens in 2019 in India? Slabs have remained unchanged for FY 2019-20 and AY 2020-21 for all citizens (including Senior Citizens). Standard Deduction for salaried taxpayers has been increased from Rs. 40,000 to Rs. 50,000.
In this manner, what is the income tax limit for senior citizen in India?
Income Tax Limit for Senior citizens The basic exemption limit for Senior citizens who are aged between 60 to 80 years is Rs. 3 lakhs. Senior citizens can avail a plethora of benefits in terms of interest earned on savings schemes. Most banks provide a higher interest rate to senior citizens in comparison to the rest.
What is the standard deduction for senior citizens in 2018?
The benefit of standard deduction adds to the list of goodies that Budget 2018 had to offer to senior citizens. As per the amendment made through Finance Act 2018 in section 16 of the Income-tax Act, 1961, a person having income from salary can claim a deduction of up to Rs40,000 as standard deduction.