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The TDS limit for new senior citizens is doubled now. Previously, it was 50,000 INR, and now it is 1,00,000 INR every financial year. This will help the elderly person get a higher income from the investments and fixed deposits. From the New TDS limit of INR 1 lakh, senior citizens of India will be able to get double the interest earnings without any deductions.
Here are some of the benefits of the increase in the TDS limit for senior citizens:
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According to the new TDS limit for senior citizens, if an elderly person earns up to 14 lakh as interest on the fixed deposit or investments, then there will be no TDS deductions for it. This will help the senior citizens earn more and get many benefits from it. Mainly, the retired person gets the maximum benefits who depends on the interest income for their monthly expenses.