CA NeWs Beta*: Deductions/Exemptions for senior citizens under Income Tax for FY 2015-2016 and AY 2016-2017

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Wednesday, February 24, 2016

Deductions/Exemptions for senior citizens under Income Tax for FY 2015-2016 and AY 2016-2017

1) Basic exemption from income tax upto Rs.3,00,000.
2) Rebate u/s 87A upto income tax of Rs.2000 if total income is not more than Rs.5lakhs.
3) Contribution under senior citizen savings scheme rules 2004 upto a maximum of Rs.150000/-

4) Medical insurance premium upto Rs.30000 and expenditure towards health check up upto Rs.5000/-
5) Any medical expenditure upto Rs.30000/- if no medical insurance has been taken u/s 80D.
6) Interest on deposits in savings account upto Rs.10000 u/s 80TTA. 

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