Section 16(ia)- Standard Deduction For AY 2021-22 - New Tax Route After Budget 2019 speech , Here is summary of Income Slabs & deductions under Income Tax which will be applicable from 1-4-2020 i.e for AY 2020-21 RETURN FILLING. 50,000/- or salary amount whichever is lower. 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. Contributions to Atal Pension Yojana are also eligible. Income Tax Deductions FY 2020-21 Maximum Deduction Limit. Senior Citizens and Super Senior Citizens for AY 2022 … Standard Deductions from Pension Income: ... 3 thoughts on “Income Tax Benefits for Senior Citizens for AY 2020-21” sam. Income Tax Slab For AY 2020-21 for Senior Citizens. Standard Deduction 2020 Senior In the budget – 2018 our Finance Minister Jaitley introduced it. List of Tax Deductions and Exemption not allowed in new Tax Structure #1 Tax Deduction Under Section 80C. Benefits under Medical Insurance Under section 80 D, the senior citizens are offered a benefit on account of payment of the health insurance premium up to Rs.50,000/-. However, for FY 2020-21, the exemption limit for a senior citizen is Rs 3 lakh meaning additional benefit in the form of Rs 50,000 is available to a resident senior citizen. Standard Deduction for Salaried Individuals - FY 2021-22 For 2022, assuming no changes, Ellen’s standard deduction would be $14,700. Health & Education Cess is levied @ 4% … for Senior Citizens Latest Income Tax Slab Rates Fy 2020-21 (Ay 2021-22 Prior to you are going to file your individual tax return this season, it’s finest if you recognized the most current standard … Among them, an additional amount of Rs.10,000 to the standard deduction is a noteworthy move. This tax benefit can be claimed irrespective of the actual amount spent on: Let us understand the comparative tax benefit given by the standard deduction for various years since its introduction:-.