List of Tax Deductions and Exemption not allowed in new Tax Structure #1 Tax Deduction Under Section 80C. My income from pension is 808510for FY 2020-21 ,Savings u/s80cc 150000/ interest income is 102556/ can I claim standard deduction of 50000/ and 50000 for section … The maximum amount of … Income Tax Standard Deduction for salaried taxpayers has been increased from Rs. Than such taxpayer can claim his total salary income as standard deduction and file tax return. If you are Salaried or even a Pensioner you are eligible for Standard deduction. Slabs have remained unchanged for FY 2019-20 and AY 2020-21 for all citizens (including Senior Citizens). Also Read – Income Tax Slab FY 2020-21 – Budget 2020-21 Review. In the case of dependent seniors, a deduction of up to Rs.1 lakh can be claimed for critical illnesses that have been specified previously. From the AY 2020-21 onwards, a standard deduction of Rs 50,000 is available to all salaried individuals. No further changes in the corporate tax. Tax Deduction for Senior Citizens on Interest Income Standard Deduction 2020 21 Section 16- Standard Deduction, Entertainment Allowance Latest Income Tax Slab For AY 2020-21 for Senior … If you are Salaried or even a Pensioner you are eligible for Standard deduction. 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 in IT for senior citizen AY 2020-21 - Income … Categories Standard Deduction Tags 2020 standard deduction for married seniors, irs standard deduction 2020 for seniors, standard deduction 2020 for senior citizens, standard deduction 2020 seniors, standard deduction for ay 2020-21 for senior citizens Post navigation Steelar. Individuals who are 65 years old or blind can claim an additional $1,300-$1,700 standard deduction. Income Tax Deductions FY 2020-21 50,000. Nirmala Sitharaman has announced a new tax regime giving taxpayers an option to pay taxes as per the new tax slab from FY 2020-21 (AY 2021-22) onwards.

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