standard deduction for senior citizens ay 2020 21

The new Section 80TTB is meant for Senior citizens’ interest income earned from bank and post office Savings and Fixed deposits. If you are Salaried or even a Pensioner you are eligible for Standard deduction. Employees can avail the deduction of this amount from their gross salary. Maximum Deduction Limit. 19,200 and medical reimbursement of Rs. The maximum deduction is Rs.50,000/- for AY 2020-21 and Rs. Dear Vivek, With effective from FY 2019-20 (AY 2020-21), a standard deduction of Rs 50,000 in lieu of travel and medical allowances (Rs 1,250 pm) has been proposed for salaried employees and pensioners. 8 Special Income Tax Benefits for Senior Citizens For AY 2021-22 (FY 2020-21) under old regime Here are some of the deductions and benefits which may ease out financial responsibilities for … tax benefits for Senior citizens in AY 2020 Standard Deduction 2020 For Seniors A standard tax reduction is a part of your income that is not taxed, thus reducing your overall tax bill. Nirmala Sitharaman has announced a new tax regime giving taxpayers … In the case of dependent seniors, a deduction of up to Rs.1 lakh can be claimed for critical illnesses that have been specified previously. 3,00,000 Nil Rs. Note- From AY 2021-22, an individual can only claim the standard deduction if he opts for the old tax regime. Deductions Standard Deduction- Impact of Standard Deduction on Salaried Income Tax Deductions List 2020-21 This is highly beneficial for retired persons who can look forward to significant savings. After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax which will be applicable from 1-4-2020 i.e for AY 2020-21 RETURN FILLING. Individuals who are 65 years old or blind can claim an additional $1,300-$1,700 standard deduction. Standard Deduction 2020 Senior 15,800. However, for FY 2020-21, the exemption limit for a senior citizen is Rs 3 lakh meaning additional benefit in the form of Rs 50,000 is available to a resident senior citizen. Income Tax Slabs FY 2020-21 (AY 2021-22) - WealthTech Speaks Section 16- Standard Deduction, Entertainment Allowance Union Budget 2020-21 Deductions for Senior Citizens . So, Standard Deduction (Section 16 (ia) of the Income Tax Act) of Rs 50,000 for FY 2020-21 / AY 2021-22 is not available under the New Income Tax Regime. In case, you wish to opt for old Income Tax Slab rates (as shown in the below table) then you can claim your IT deductions and exemptions. List of Tax Deductions and Exemption not allowed in new Tax Structure #1 Tax Deduction Under Section 80C. Rs 50000 Standard Deduction from FY 2019-20 / AY 2020-21 for Senior Citizens Standard Deduction 2020.

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