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All You Need To Know About Special Income Tax Benefits For Senior Citizens

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All You Need To Know About Special Income Tax Benefits For Senior Citizens

From Assessment 12 months 2019-20 onwards, a really senior citizen submitting his return of earnings in Form ITR 1/Four can file his return of earnings in paper mode, i.e., for him e submitting of ITR 1/4 (because the case could also be) shouldn’t be necessary. However, he could go for e-filing if he needs.

As per part 208, each particular person whose estimated tax legal responsibility for the 12 months is Rs. 10,000 or extra, shall pay his tax prematurely, within the type of “advance tax”. However, part 207 offers aid from cost of advance tax to a resident senior citizen. As per part 207​ a resident senior citizen (i.e., a person of the age of 60 years or above throughout the related monetary 12 months) not having any earnings from enterprise or occupation, shouldn’t be liable to pay advance tax.

​​​​​​​ Section 80TTB ​of the Income Tax regulation offers provisions regarding tax advantages accessible on account of curiosity earnings from deposits with banks or submit workplace or co-operative banks of an quantity upto Rs. 50,000 earned by the senior citizen (i.e., a person of the age of 60 years or above). Interest earned on saving deposits and glued deposit, each shall be eligible for deduction beneath this provision.

​ Section 194A of the Income Tax regulation offers corresponding provisions that no tax shall be deducted at supply from cost of curiosity by financial institution or ppost-office or co-operative financial institution to a senior citizen as much as Rs. 50,000. Therefor restrict is to be computed for each financial institution individually.

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 part 80D​DB of the Income-tax Law offers varied provisions regarding tax advantages accessible on account of expenditure on medical remedy of specified illnesses. Click the next hyperlink to find out about particulars of part 80DDB which covers the main points of particular advantages beneath part 80DDB ​accessible to a senior citizen. Check web page eight matter “Deduction in respect of expenditure on medical treatment of specified diseases [ section 80DDB​]”

​​​​​​​​​ Section 80D of the Income-tax Law offers varied provisions regarding tax advantages accessible on account of cost of medical insurance coverage premium and different associated gadgets. Click the next hyperlink to find out about particulars of part 80D which covers the main points of particular advantages beneath part 80D​ accessible to a senior citizen. Check web page 5 matter “Deduction in respect of medical insurance premium [ S​ection 80D]”

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