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Budget 2018: Senior Citizens to Enjoy Increased Interest Income Exemption Limit
February 05, 2018
During the 2018-19 budget announcement, finance minister Arun Jaitley said that the interest income exemption limit for the fixed deposit schemes has been increased for the senior citizens i.e. individuals of age above 60 years. The new limit is Rs. 50,000 compared to current Rs. 10,000. In addition to that, no TDS will be triggered if the interest income falls within the limit.
To bring the change in the exemption limit, a new section 80TTB has been proposed for the Income Tax Act.
