https://www.taxtmi.com/news?id=19549 A new deduction specifically for senior citizens will cover interest on deposits and displace the existing savings account interest deduction for them while the threshold for withholding tax on interest paid to senior citizens is raised. Separately, a standard deduction for salary income is introduced up to a prescribed limit or the salary amount, and exemptions for transport allowance (with an exception for differently abled persons) and medical reimbursement are withdrawn. en-us Mon, 05 Feb 2018 11:01:59 +0530 Mon, 05 Feb 2018 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19549 A new deduction specifically for senior citizens will cover interest on deposits and displace the existing savings account interest deduction for them while the threshold for withholding tax on interest paid to senior citizens is raised. Separately, a standard deduction for salary income is introduced up to a prescribed limit or the salary amount, and exemptions for transport allowance (with an exception for differently abled persons) and medical reimbursement are withdrawn. News - Mon, 05 Feb 2018 11:01:59 +0530 https://www.taxtmi.com/news?id=19549