I am completing 60 years in December,2019. I would like to know whether the benefits for senior citizens will be available to me for AY 2020-2021 i.e., interest on FDs exemption of Rs.50000.00, medical insurance for self and wife of Rs.50000.00 under sec 80 (D) and standard deduction of Rs.50000.00 and any other such provisions for senior citizens. Also whether income tax on taxable income up to Rs.3,00,000.00 is zero.
May kindly list out such specific benefits for senior citizens and whether the exemptions/deductions can be availed fully or on pro-rata basis for AY 2020-2021.
Yes, you are eligible for senior citizen benefits for FY 2019-20. Regarding the benefits, you can refer my older blog post “Tax benefits for senior citizens and super senior citizens“.