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Maximum tax benefits .

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 November 2013 An individual aged 87 years . What is the maximum tax benefits he could avail as he is getting salary from a private concern.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 November 2013 the exemption limit is 5 lakhs.

Plus 1 lakh deduction under 80C, Rs 20000 under 80D.

other tax reductions can be done under salary structure in form of reimbursements, medical expense reimbursement, traveling expense allowance, HRA etc
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
11 November 2013 In addition to the expert,

Senior citizens also have the benefit of Section 88B under which they are eligible for a rebate of Rs 20,000 from tax liability.

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