Chartered accountant Shri Mayur Vithlani and M I Patel. *_TAX RATES FOR SENIOR CITIZENS FOR FINANCIAL YEAR 2018-2019_* *In the next Assessment Year* *2019-2020(FY 2018-2019), the following are the Income Tax benefits for the Senior Citizens* *1.Minimum Taxable limit 3 lakhs* *for Senior Citizens* *2 No advance tax needs to be* *paid for the Senior Citizens* *3.Standard Deductions to the* *salaried class employees is* *allowed for Rs.40000/- under* *Chapter VI A* *4.No Income Tax for the interest* *earned in the Term Deposit upto* *to Rs.50000/- for the Senior* *Citizens under Sec 80 TTB* *5. The TDS limit for interest* *is the raised to Rs.50000/-from* *Rs.10000/-for the Senior Citizen* *under Sec 194 A* *6. Deduction under Sec 80 D for* *Medical Insurance is raised to Rs* *50000/- for Senior Citizens* *7. Medical expenditure for critical* *illness is raised to Rs.60000 for* *Senior Citizen under Sec 80DDB* *8.Tax deduction for - the interest* *on S.B account interest is raised* *to Rs.50000/- from Rs 10000/-* *for Senior Citizens* *Please keep in your mind the above Income Tax concessions while filing Income tax returns of this Financial Year (FY 2018-19 OR AY 2019-20)* ✍🏻👍