Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Monday, February 5, 2018

Budget 2018 - Benefits for Senior citizens

Invest in ELSS Funds Online and Save Tax



There will be no TDS on the interest income of up to Rs.50,000. Earlier, this limit was Rs. 10,000.

Senior citizens can now claim deduction of up to Rs.50,000 on health insurance premium. This has been raised from Rs.30,000.

For critical illness, senior citizens can claim deduction of up to Rs.1 lakh towards medical expenditure.

In addition, the government has proposed to extend the Pradhan Mantri Vaya Vandana Yojana to March 2020 and increase the limit of investment from Rs.7.5 lakh to Rs.15 lakh. This policy gives assured return of 8% to senior citizens.


What's more, the budget has also ended the current practice of tax deduction at source (TDS) on interest income earned by senior citizens. Currently, TDS is deducted on deposits at the rate of 10%. In cases where tax liability is more than the TDS, the account holder will have to pay the difference.

Towards this, the Finance Bill will insert a new section, 80TTB, in the Income-Tax Act relating to this deduction of interest on deposits made by senior citizens. Interest income from a deposit with a bank, co-operative bank or post office will come under this section.

What does it mean for a senior citizen? "Two things—increase in exemption limit and TDS—are relevant moves for senior citizens. If you take the current interest rate, which is in the 7-7.5% per annum on bank FDs, if you have Rs7.5 lakh-Rs8 lakh as FD then you get this benefit

Usually senior citizens prefer fixed deposits to market-linked products. The measure is targeted at only a small portion of the citizens. It is good that it is also targeted at the upper middle-class segment because you need to have a deposit of Rs7.5 lakh in the account to get this benefit

The amendment will take effect from 1 April 2019

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Top Performing Tax Saving ELSS Funds. Save Tax Get Rich

Top 10 Tax Saving Mutual Funds of 2018

Best 10 ELSS Mutual Funds to Invest in India of 2018

1. Tata India Tax Savings Fund 

2. Mirae Asset Tax Saver Fund

3. DSP BlackRock Tax Saver Fund

4. Sundaram Diversified Equity Fund

5. Birla Sun Life Tax Relief 96

6. ICICI Prudential Long Term Equity Fund

7. Invesco India Tax Plan

8. Reliance Tax Saver (ELSS) Fund

9. Axis Tax Saver Fund

10. BNP Paribas Long Term Equity Fund


Invest in Best Performing Tax Saver Mutual Funds of 2018

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300


2 comments:

  1. You know your projects stand out of the herd. There is something special about them. It seems to me all of them are really brilliant!
    Berufsunfähigkeit Kassel

    ReplyDelete
  2. This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post.
    Berufsunfähigekits Versicherung Kassel

    ReplyDelete

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts