Mon, 09 Sep 2019 09:42:32 +0000

INVESTMENT OPTION FOR SENIOR CITIZEN

2 TYPES OF INVESTMENT OPTION FOR SENIOR CITIZEN

1. Tax Saving
2. Investment

TAX SAVING
1. Senior Citizen Saving Scheme

a) Eligibility:
i. Age above 60
ii. Citizen who opted voluntary retirement scheme or retired between the age of 55 and 60.
b) 80C Deduction
c) Regular Income :
d) Tax Benefit – Upto 1.5 L under 80C
e) TDS – Upto 1,50,000 No TDS up 5000 u/s 80TTB but more than that then file 15H declaration to avoid TDS.
f) Penalty for Premature.

2. Tax Saving Fix Deposit : Five Year lock in

a) 80C Deduction
b) Regular Income :
c) Tax Benefit – Upto 1.5 L under 80C
d) TDS – Upto 1,50,000 No TDS up 5000 u/s 80TTB but more than that then file 15H declaration to avoid TDS.
e) Penalty for Premature.
INVESTMENT

a) NCD : Non-Convertible Dentures
b) Corporate FD’s
c) Post Office Monthly Scheme 7.6% Taxable No deduction u/s 80C
d) Mutual Fund
e) ELSS

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