Tax Benefits for Senior Citizens under the provisions of the Income Tax Act 1961, With Automated TDS on Salary for Govt & Non-Govt Employees for F.Y. 2019-20


A tax deduction, derivations for senior citizens under the Section of the Income Tax Act 1961

Senior Citizen according to the Income Tax Act, a senior native has been characterized as an individual inhabitant in India who is of the age of sixty years or more whenever during the important earlier year.

Overly Senior Citizen according to the Income Tax Act, senior citizen methods an individual inhabitant in India who is of the age of Eighty years or more whenever during the important earlier year.

Tax reductions for senior residents under the Income Tax Act as on date

The different unwinding, alleviation, and advantages offered to the senior residents under the Income Tax Act, 1961 are as under:

1. Higher Basic Tax Exemption Limits:

Senior citizen or overly senior native is qualified for higher expense exception limits against the ordinary resident. For AY 2019-20 and AY 2020-21 the fundamental personal duty exclusion limit for the both is as under:

Senior Citizen Rs. 300000/ –

Overly Senior Citizen Rs. 500000/ –

2. Expanded Deductions under Chapter VIA

A senior citizen or excessively senior native is qualified for higher derivations under the accompanying segments of Chapter VIA of Income Tax Act.

(a) Deduction in regard to Senior Citizen Saving Scheme [ Section 80C ]

Under section 80C a conclusion up to Rs. 150000/ – (One lakh) is considered sum paid or stored in determined modes. wef 01-04-2008, a sum stored in a record under the Senior Citizens Saving Schemes Rules, 2004 is permitted as qualified under area 80C.

(b) Deduction in regard to Medical treatment and so forth [ Section 80DDB ]

Section 80DDB accommodates reasoning of Rs. 40000/ – ( Forty thousand) to an inhabitant assessee for medicinal treatment of sickness determined in Rule 11DD.

Nonetheless, if the sum is paid for the medicinal treatment of a senior resident, at that point a higher-conclusion of Rs. 1,00,000/ – (Sixty Thousand) is permitted.

The illnesses indicated under Rule 11DD are as under:

(I) Neurological Diseases as under where the inability level has been confirmed to be of 40% or more,

(a) Dementia

(b) Dystonia Musculorum Deformans

(c) Motor Neuron Disease

(d) Ataxia

(e) Chorea

(f) Hemiballismus

(g) Aphasia

(h) Parkinsons Disease

(ii) Malignant disease

(iii) Full Blown Acquired Immuno-Deficiency Syndrome

(iv) Chronic Renal Failure

(v) Hematological Disorders

– Hemophilia

– Thalassemia

(c) Deductions in regard to medical coverage premia [ Section 80D ]

Section 80D accommodates reasoning up to Rs. 25000/ – (Twenty Five Thousand) for restorative protection or preventive wellbeing registration. Under the segment, if there should be an occurrence of installment made for medicinal protection of a senior citizen, the deduction is accessible up to Rs. 50000/ – (Twenty Thousand).

(d) Deduction in regard to enthusiasm on stores

Under section 80TTB a conclusion of Rs. 50000/ – is accessible to senior residents concerning enthusiasm on stores (both time stores and reserve funds bank) m3. Unwinding from the conclusion of Tax on intrigue

Under section 194A, from AY 2019-20, the premium payable by banks/post office/Cooperative social orders to senior natives isn’t obligated to TDS on the installment of enthusiasm up to Rs. 50000/ – per annum.

4. The exception to make good on Advance Regulatory expense under Section 207

According to section 209, where the personal duty payable by an assessee for any money related year (in the wake of deducting expense deducted at source) is Rs. 10000/ – or more, the expense will be payable ahead of time during the budgetary year itself. Anyway, senior natives have been exempted for the installment of development charge on the off chance that they are not occupied with business or calling.

5. No Deduction of Tax at Source (TDS) by the accommodation of Form 15H in specific cases.

An occupant senior native can get certain earnings (interest, furnish an affirmation under sub-area (1C) of section 197A to his Assessing Officer in Form 15-H expressing that duty on his evaluated all out salary of the earlier year where such salaries are to be incorporated into figuring his complete pay will be nil. Senior residents can give this statement regardless of whether such livelihoods surpass the greatest sum which isn’t chargeable to tax.(i.e., Rs. 300000/ – and Rs. 500000/ – for senior residents and very senior natives individually.

Download Automated All in One TDS on Salary for The Govt & Non-Govt  Employees for the Financial Year 2019-2020 and Assessment Year 20120-2021 With New Format of Form 16 Part B.

The feature of this Excel Utility is the following:-

1) This Excel Utility can prepare automatic Tax Calculation as per new Finance Budget 2019

2) The Salary Structure as per the  Assam State Govt employees Salary Pattern

3) Automated Individually Salary Sheet for each Employee

4) Automated Income Tax Salary Sheet for each Employee 

5) This Excel Utility calculate your House Rent Exemption Calculation U/s 10(13A)

6) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10e from the F.Y. 2000-01 to F.Y.2019-20

7) Automated Income Tax Form 16 Part A&B for F.Y. 2019-20 in New Format

8) Automated Income Tax Form 16 Part B for the F.Y. 2019-20 in New Format

Leave a Reply

Your email address will not be published. Required fields are marked *