for Senior Citizens Standard Deduction 40,000/- for AY 2019-20. Treatment of Standard Deduction Rs 50000 under the New Tax … 50,000 is applicable to all including senior citizens from income under head salary. Given below is a list of the tax benefits for Senior and Super Senior Citizens for the financial year 2020-21: Tax exemption thresholdAdvance Tax Deduction. Standard Deduction 3,00,000 Nil Rs. From AY 2021-22 (FY 2020-21), an individual can only claim the standard deduction if he opts for the old tax regime. From AY 2021-22 (FY 2020-21), an individual can only claim the standard deduction if he opts for the old tax regime. Standard Deductions from Pension Income: ... 3 thoughts on “Income Tax Benefits for Senior Citizens for AY 2020-21” sam. Income Tax Deductions List 2020-21 The Standard Deduction of Rs 40,000 for FY 2018-19 was increased to Rs 50,000 for FY 2019-20. Latest Income Tax Slab Rates Fy 2020-21 (Ay 2021-22 Prior to you are going to file your individual tax return this season, it’s finest if you recognized the most current standard … However, for FY 2020-21, the exemption limit for a senior citizen is Rs 3 lakh meaning additional benefit in the form of Rs 50,000 is available to a resident senior citizen. Here in this post, we will discuss both regimes of Income Tax for senior citizens. However, no deduction u/s 80TTA will be allowed in these cases. It is advised to compare your tax liability under both tax regimes and then choose the one. The standard deduction is the overall limit for a whole year rather than on the basis of no. Note- From AY 2021-22, an individual can only claim the standard deduction if he opts for the old tax regime.

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