Good News for Senior Citizens in the Union Budget

The Budget 2018 provided much needed relief. Here is a brief listing of the features in the Senior Citizens Budget: For income tax purposes, any citizen with age of 60 years or more is considered as senior citizen. Rs 50,000 Tax exemption on Interest Income from Fixed Deposits and Recurring Deposits u/s 80TTB: The interest rates had come down drastically in last few years and most senior citizens depend on fixed deposits for their regular income. The tax exemption of Rs 50,000 interest income from Post office or Banks under section 80TTB is…