Question

For an individual(age 55 years) if annual income is Rs550000 and deduction under section 80c is Rs180000 then amount of taxable income will be

Answer 1

Answer:

This deduction can be claimed only by individuals whose age is below 60 years. Announced in Budget 2018, interest received by senior citizens (age 60 years and above) from the deposits held either with bank or post office can be claimed as a deduction up to Rs 50,000 per