Under the Income-tax Act, 2025, for tax year 2026–27, what is the maximum annual deduction available to…
The maximum deduction is ₹ 50,000. The Income-tax Act, 2025 allows a resident senior citizen to deduct eligible deposit interest up to this annual limit, including interest…
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Under the Income-tax Act, 2025, for tax year 2026–27, what is the maximum annual deduction available to a resident senior citizen using the old tax regime for interest from deposits, including savings deposits, with banks or post offices?
Answer and explanation
Correct answer C
The maximum deduction is ₹ 50,000. The Income-tax Act, 2025 allows a resident senior citizen to deduct eligible deposit interest up to this annual limit, including interest on savings and time deposits.
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Gujarat SET (GSET)