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The Standard Deduction of Rs 40,000 for FY 2018-19 was increased to Rs 50,000 for FY 2019-20. It will aid you to make sound choices about whether getting a standard or itemizing deduction would certainly be much more useful. I’m really enjoying the design and layout of your blog. SADASIVAN THEKKEY VEETIL (Retired) (100 … This is highly beneficial for retired persons who can look forward to significant savings. Note- From AY 2021-22, an individual can only claim the standard … Here in this post, you will get Income Tax Slab For AY 2021-22 for Senior Citizens. What is rebate under section 87A for AY 2020 15,000 per annum. Among them, an additional amount of Rs.10,000 to the standard deduction is a noteworthy move. From AY 2021-22 (FY 2020-21), an individual can only claim the standard deduction if he opts for the old tax regime. Meaning, eligibility, quantum of tax benefit, exception etc for the FY 2020-21 (AY 2021-22) & FY 2019-20 (AY 2020-21) Introduction : The Finance Budget 2018 introduced Section 80TTB, which provides a tax relaxation on interest income for the senior citizens of India. But, they could no longer deduct transport and medical allowance. The standard deduction for AY 2020-21 under Income from House Property is 30%. However, standard deduction under the head of salaries is a default deduction. You reduce it from the salary income of the individual to lower the taxable amount. Only a salaried individual or an individual claiming the pension can use it. The standard deduction for senior citizens is also applicable for annuity payments which are taxable in the same way as income under the head salary. Standard Deduction of Rs 50,000 . Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 10% of gross total income (in case of tax payer being self-employed). Standard Deduction for Salaried Individuals All About Income Tax Benefits For Senior And Very Senior Citizens …