Union Budget: Relief for Senior Citizens, Exemption of interest Income on deposits hiked to Rs 50,000

Union Minister for Finance and Corporate Affairs Arun Jaitley on Thursday announced significant incentives for senior citizens with the objective to provide a dignified life to them.

Presenting the General Budget 2018-19, his last full budget before general elections, in the Lok Sabha, the Finance Minister 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 Tax Deduction at Source will not be required to be deducted on such income, under section 194A.

This benefit will be available also for interest from all fixed deposits schemes and recurring deposit schemes, he said.

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