New Delhi, Feb 02:
With the objective of providing a dignified life to senior citizens of India, Union Finance Minister Arun Jaitley announced significant incentives for senior citizens in Union Budget 2018-19 in Parliament on Thursday. Jaitley said the exemption of interest income on deposits with banks and post offices will be increased from Rs. 10,000 to Rs. 50,000, and TDS shall not be required to be deducted on such income.
This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes. Jaitley also announced to raise the limit of deduction for health insurance premium and medical expenditure from Rs. 30,000 to Rs. 50,000. All senior citizens will now be able to claim benefit of deduction up to Rs. 50,000/- per annum in respect of any health insurance premium or any general medical expenditure incurred.