50,000/- or salary amount whichever is lower. Income tax benefits for senior and very senior citizens Benefits of Standard Deduction From AY 2020–21, a standard deduction upto Rs. 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. 15,000. Union Budget 2020-21 Deductions for Senior Citizens . Senior and Very Senior citizens get an exemption from payment of advance tax, according to Section 207. Related article: Treatment of Standard Deduction Rs 50000 under the New Tax Regime (FY 2020-21 / AY 2021-22) Conclusion: It is prudent to avoid last minute tax planning. Rs 50000 Standard Deduction from FY 2019 AY List of Tax Deductions and Exemption not allowed in new Tax Structure #1 Tax Deduction Under Section 80C. … FOR SENIOR CITIZENS Below is the listing of IRS (Internal Revenue Service) standard deductions for 2020 to be submitted on the following year of 2021, based upon your filing standing: Single taxpayers get $12,400 of deductions, which is a raising from $12,200 in the previous year. Note 1:- An additional 4% health & education cess will apply to the tax amount calculates as above. Deductions FOR SENIOR CITIZENS Employees can avail the deduction of this amount from their gross salary. The Standard Deduction of Rs 40,000 was first made available in Budget 2018 (FY 2018-19 / AY 2019-20). Treatment of Standard Deduction Rs 50,000 against salary income can be claimed BENEFITS UNDER DIRECT TAXES FOR SENIOR CITIZENS . 15,000 per annum. 50,000/-. 3,00,001 to Rs. Among them, an additional amount of Rs.10,000 to the standard deduction is a noteworthy move. Steelar. Income Tax As per the Income Tax Act, a “senior citizen” is one who is a resident individual of age 60 years or … for Senior Citizens Here they can claim a deduction of Rs 50,000 … Corporate tax rate has been maintained at 25% for domestic … Note 2:- A tax rebate under section 87A is allowed to individual taxpayers (Age 60 or 60+ but below 80 years) for a maximum amount of Rs. February 14, 2020 at 11:50 am. 50,000/- from your Income that is taxable under the head salaries. The maximum amount of standard deduction will be Rs. Standard Deduction 2020 21 The maximum deduction is Rs.50,000/- for AY 2020-21 and Rs. I’m really enjoying the design and layout of your blog.