Relief to Senior Citizens: Exemption of Interest Income on deposits increased to 50,000

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....elief to Senior Citizens: Exemption of Interest Income on deposits increased to 50,000 <br>Budget<br>Dated:- 1-2-2018<br><BR>Relief to Senior Citizens: Exemption of Interest Income on deposits increased to &#8377; 50,000 Pradhan Mantri Vaya Vandana Yojana extended up to March 2020 Existed limit on investment under PMVVY enhanced to &#8377; 15 lakhs With the objective of providing a dignified li....

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....fe to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced significant incentives for senior citizens. Presenting the General Budget 2018-19 in Parliament here today, the Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from &#8377; 10,000/- to &#8377; 50,000/- and TDS shall not be re....

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....quired to be deducted on such income, under section 194A. This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes. The Finance Minister also announced raising the limit of deduction for health insurance premium and/ or medical expenditure from &#8377; 30,000/- to &#8377; 50,000/-, under section 80D. All senior citizens will now be able to cl....

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....aim benefit of deduction up to &#8377; 50,000/- per annum in respect of any health insurance premium and/or any general medical expenditure incurred. Further, the Finance Minister proposed raising the limit of deduction for medical expenditure in respect of certain critical illness from &#8377; 60,000/- in case of senior citizens and from &#8377; 80,000/- in case of very senior citizens, to &#837....

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....7; 1 lakh in respect of all senior citizens, under section 80DDB. These concessions will give extra tax benefit of &#8377; 4,000 crores to senior citizens. In addition to tax concessions, the Finance Minister proposed to extend the Pradhan Mantri Vaya Vandana Yojana up to March 2020 under which an assured return of 8% is given by Life Insurance Corporation of India. The existing limit on investm....

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....ent of &#8377; 7.5 lakh per senior citizen under this scheme is also being enhanced to &#8377; 15 lakh.<BR> News - Press release - PIB....