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Neeti Gupta
Exemption on interest from bank and post office
deposits be increased to Rs.50,000 from Rs 10,000
TDS not required to be deducted under section 194A.
Medical expenses deduction limit (80D) raised to Rs
50,000 from Rs 30,000
Increase in deduction limit (80DDB) raised to Rs 1 Lakh
from Rs 60,000 (in case of senior citizen) and Rs 80,000
(in case of very senior citizen)
Limit for investment in interest-bearing LIC schemes
doubled to 15 lakh
Standard deduction of Rs 40,000 for pensioners
Proposed to extend Pradhan Mantri Vaya Vandana
Yojana up to March, 2020
Neeti Gupta

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Budget 2018: Senior Citizens

  • 2. Exemption on interest from bank and post office deposits be increased to Rs.50,000 from Rs 10,000 TDS not required to be deducted under section 194A. Medical expenses deduction limit (80D) raised to Rs 50,000 from Rs 30,000 Increase in deduction limit (80DDB) raised to Rs 1 Lakh from Rs 60,000 (in case of senior citizen) and Rs 80,000 (in case of very senior citizen) Limit for investment in interest-bearing LIC schemes doubled to 15 lakh Standard deduction of Rs 40,000 for pensioners Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020 Neeti Gupta