The maximum amount of standard deduction will be Rs. Budget 2021 has the same amount of standard deduction for AY 2022-23. Standard Deductions from Pension Income: ... 3 thoughts on “Income Tax Benefits for Senior Citizens for AY 2020-21” sam. Standard Deduction For Ay 2020-21 For Senior Citizens – The standard deduction is a advantage given to decrease your gross income when you file your tax commitment. The new Section 80TTB is meant for Senior citizens’ interest income earned from bank and post office Savings and Fixed deposits. Standard Deduction For Seniors 2020 Amount deposited by a taxpayer to their NPS account. In budget 2020, FM Smt. 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). 8 Special Income Tax Benefits for Senior Citizens For AY 2021-22 (FY 2020-21) under old regime Here are some of the deductions and benefits which may ease out financial responsibilities for senior citizens. Below is the listing of Internal Revenue Service (IRS) standard deductions for 2020 to be submitted on the next year of 2021, based upon your filing status: Single taxpayers get $12,400 of deductions, which is a raising from $12,200 in the previous year. Standard Deduction in place of A and B (C) 40,000. INR 10,00,001 and above. It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Important Note:- If your taxable income after all deduction … Also Read- … Below is the list of Internal Revenue Service (IRS) standard deductions for 2020 to be filed on the following year of 2021, based on your filing standing: Single taxpayers receive $12,400 of deductions, which is a raising from $12,200 in the previous year. Tax Deduction for Senior Citizens on Interest Income 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. Moreover, under Section 87A of the Income Tax Act, if the income of the senior citizen is up to INR 5 lakhs, a full tax rebate of INR 12,500 would be applicable on the tax liability from FY 2019-20; AY 2020-21.