For FY2019-20 my extimated income will be Rs 7 lakhs. (senior citizen)
1)If I open a SCSS 5 yr FD scheme before march 31st 2020 , I can claim the full Rs1.5 lakhs under 80c for AY20-21 right ? Then the next 4 years can not claim any 80c deductions on that deposit right ? only bank will show interest accrued or will credit to my SB quarterly?
2) I can also claim Rs 50000 under 80TTB on the FD/SB interest income right? (so my income will become Rs 5 lakhs or below & 87A deduction will be effective and my tax on Rs 7 lakhs gross income will be nil? )
3) if I want to repeat the Rs 150,000 deductions under 80c ( I have no other deductions under 80c) ,can I open a similar SCSS FD for the maxiumum Rs 1.5 lakhs every year & repeat the same process?
4) hopefully in FY2019-20 Govt may enhance exemption limit