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5-Year Tax-Saving Scheme for Seniors: Maximize Your Savings in Public Sector Banks (AY 2025-2026)

T S Khurana | Answer |Ask -Follow

Tax Expert - Answered on Dec 16, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Rahul on Dec 13, 2024Hindi

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For senior citizen 5 year tax saving scheme in Public sector banks . What is the maximum Limit to save tax for AY 2025-2026

Ans: Its limit is Rs.1,50,000.00 u/s 80.C.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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1) Sir, I am a Super Senior citizen 81years aged I have heard that for 2023-24 year for 5 lakhs to 7 lakhs income I T is 20% in excess of net income of 5 lakhs under old tax regime. Is this position correct 2) whether under this scheme deductions such as Std dedcn, 50,000 Disability rebate ,75,000 health ins premium i 20,000 is available . Requet you kindly to clarify @ the earliest

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I am a Senior citizen of 70 years having income from Pension, Capital Gains and from other sources. Sir, I would like to know what is the exemption limit for Senior Citizen for F Y.2023-24 i e. Assessment Year 2024-25 under both the tax regimes

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sir i am 78yrs and fall in taxable income due to my investments...now i want to invest 25L..If put in indus senior citizen fd for 18 mths they are offering 8.49 but with tax dont know how much will be actual increment OR do i go in for Senior citizens saving scheme that offers 8.2% with quaterly interest which is also taxable....OR any other..PLS SUGGEST

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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