The standard deduction for senior citizens is also applicable for annuity payments which are taxable in the same way as income under the head salary. 5 lakh, the tax liability is Nil on account of tax relief u/s 87A) Rs. 50,000/- or salary amount whichever is lower. Standard Deduction for salaried taxpayers has been increased from Rs. 20% of the income exceeding INR 500,000 + 30% of the income exceeding INR 10,00,000. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for … From the AY 2020-21 onwards, a standard deduction of Rs 50,000 is available to all salaried individuals. Employees can avail the deduction of this amount from their gross salary. Standard Deduction of Rs 50,000 . Income tax benefits for senior and very senior citizens Income Tax Benefits for Senior Citizens for AY 2020-21 Income Tax Deductions List FY 2020-21 | Save Tax for AY 2021-22 From AY 2020-21, the maximum limit for deduction u/ s 80D in respect of payment made for health insurance premium in respect of a retired employee above 60 years of age has been allowed at Rs.50,000/- . 8 Special Income Tax Benefits for Senior Citizens For AY 2021-22 … Health and Education Cess: 4% of Income Tax plus Surcharge is applicable. Union Budget 2020-21 Deductions for Senior Citizens . Income Tax Slabs Important Note:- If your taxable income after all deduction climb with ₹ 10 only, it will cross the border exempted limit of ₹ 5 Lakhs. 2020 In budget 2020, FM Smt. Categories Standard Deduction Tags 2020 standard deduction for married seniors, irs standard deduction 2020 for seniors, standard deduction 2020 for senior citizens, standard deduction 2020 seniors, standard deduction for ay 2020-21 for senior citizens Post navigation
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