Hey, are you a senior citizen? Are you worried about the huge amount you may need to pay as tax? Well, nothing to worry as such for the senior citizens! You may not be aware but there are many tax benefits for senior citizens available as per law.
No need to delay, just jump on the tax benefits available for senior citizens mentioned below:
1. Do you suffer from certain illnesses specified under tax laws?
Don't worry! Section 80DDB allows an extra deduction for senior citizens if suffering from specified diseases like chorea, Parkinson's disease, dementia, aphasia, ataxia, and many more. Another good news is the increment of the deduction under section 80DDB has been done in 2018 to Rs 100000 from Rs 60000. So our seniors can now avail the best treatment for these specific diseases without worrying about paying a huge tax.
2.No payment of TDS on interest in certain cases
Are you sure that your total income falls under the category of exemption from income tax? Then do not forget to fill up form 15H and submit it to stop the deduction of TDS on fixed deposits.
3. Avail deduction under section 194A
Many of us know that under section 194A, senior citizens could only enjoy a deduction of Rs 10000 till 2018. Afterward, the deduction has been increased to Rs 50000.
4. Deduction under 80D
Are you concerned with the payment of premiums related to medical insurance as a senior citizen? The changes under section 80D have made senior citizens even happier. Because earlier the deduction under 80D was limited to Rs 30000. But the same has now touched the hike of Rs 50000.
5. Enjoy payment under a reverse mortgage scheme without worrying
No matter what payment a senior citizen receives under the reverse mortgage scheme, not a single penny is required to be paid as tax.
6. No need to pay advance tax
Are you the owner of any business? Well, you need to be a senior citizen and non-businessman to avoid paying advance tax.
So get ready to enjoy these tax benefits as a senior citizen if you have not.