Earlier, tax payers used to avail it until AY 2006-07. When you prepare and e-File your 2019 Tax Return on eFile.com, the eFile Tax app will work for your benefit and either apply or recommend standard deductions or itemized deductions.In other words, you don't have to figure out whether to itemize deductions or whether to use standardized deductions. These Standard IRS or Federal Tax Deductions will be applied by Tax Year. Budget 2018 though did not change the broad tax slabs but made some changes in the tax exemptions.One of them was reintroduction of Standard Deduction for salaried and pensioners. All tax payers whose income comes under head “salaries”, can avail rs 40,000 flat standard deduction from gross salary. Standard Deduction for senior citizens - In case of standard deduction, no special benefit is given to senior citizens. Senior citizens are mostly pensioners and thus they are subject to the same quantum of standard deduction u/s 16 at a maximum of Rs. Standard Deduction is back again from fy 2018-19 as proposed in budget 2018. From FY 2018-19 (AY 2019-20) all salaried and pensioners would be eligible for standard deduction …

If you choose to itemize, you’ll need an additional schedule. Health insurance premiums paid for availing health insurance coverage for senior citizens or super senior citizens is allowed as a deduction under this section up to a maximum of INR 50,000. In 2019, taxpayers age 65 and older can take an additional standard deduction of $1,650 if unmarried or $1,300 per person when married. 40,000 in a year. Also, tax benefit in respect of expenses incurred for preventive health checkup amounting maximum upto Rs 5000 can be availed under the same section. Standard Deduction FY 2018-19 AY 2019-20. The income tax calculated for senior citizens is based on their basic salary, house rent allowance, fixed allowances, and any other sources of income.However, senior citizens in India receive higher exemption limit compared to individuals who are below 60 years old.

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