Earning Up to Rs. 5 Lakh Can be Tax - free , Insurance Premiums Can be Tax - free Insurance Premiums Can Also be increased
Senior Citizen up to Rs. 5lakh can be earned Tax - Free , Insurance Premium can Also be Increased relief
Finance Minister Nirmala sitharaman May offer Several Concessions to the Elderly in the Budget this time. for One the Income Tax Exemption Limit for them May be increaed. second, there is talk of increasing the tax relief on its premiums in view of the need for insurance due to the corona epidemic. This Change will take place in the old Tax system.
Earnings up to Rs 5 Lakh can be tax - free
At present the elderly do not have to pay tax on income upto rs 3 lakh a year this limit was fixed 6 years ago in 2014. given rising inflation , it could be increased to Rs 5 lakh. thus the limit for senior citizens above 80 years of age is already Rs 5 lakh.
The Deduction Limit May Increase on the insurance premium
under sectio 80D of the income tax act, health insurance premiums up to Rs 50,000 paid by senior citizens are exempted. it could be increased to 1lakh considering the health related needs after the Koro Epidemic.
Deduction on interest earnings
under the senior citizen section 80 TTB, a rebate of up to rs. 50,000 per annum can be claimed on interest earned on a savings bank account and a fixed deposit. It can be increased from 50 thousand to 1 lakh.
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High Hopes for Salaried and Middle Class
The Salaried People and the middle class have hopes for the finance minister. the salaried cla wants the finance minister to make a big announcement about income tax relief. this is to increase the basic exemption of Rs. 2.5 lakh in income tax to Rs 3 lakh.
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