0 Comments | Post a commentCategory - Senior Citizen Money and Taxes
Several tax and related incentives were announced for people aged 60 and above in 2018 budget.
Notable among those are:
Savings and Taxesfive-fold increase in the exemption limit on interest income from savings, fixed and recurring deposits held with banks and post offices to ₹50,000, and doing away with the requirement for tax to be deducted at source on such income,
Health Expenses and Health Insuranceraise the annual income tax deduction limit for health insurance premium and/or medical reimbursement to ₹50,000 for all seniors
set the ceiling for deduction in lieu of expenses incurred on certain critical illnesses to ₹1 lakh, irrespective of the age of the senior citizen.