senior citizens

Brief insights on concept of Reverse mortgage in India

Income Tax - Reverse mortgage as its name implies is the reverse of a traditional mortgage such as home loan. In case of traditional mortgage, lump sum amount is borrowed to purchase or refinance home, then we pay it back in monthly instalments. However, reverse mortgage is just an opposite, lender pays you. ...

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Tax Benefits Available to Senior Citizens

Income Tax - A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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All about Senior Citizens Savings Scheme, 2004

Income Tax - As name itself suggests, this scheme is only for the senior citizens. The account may be opened by an individual, who has attained age of 60 years or above on the date of opening of the account. The account may also be opened by those who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retire...

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Tax benefits for senior citizens

Income Tax - 1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons. 2) As per the IT Act, senior citizens who have an income up to Rs ...

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No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

Income Tax - The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns ...

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Conditions for Indian Citizenship under Citizenship Act, 1955

Income Tax - A person of India origin who is ordinary resident in any country or place outside undivided India is eligible for grant of Indian citizenship by registration under section 5(1) (b) of the Citizenship Act, 1955. Registration under section 5(1) (b) of the Citizenship Act, 1955 is regulated under the provisions of the Citiens (Registration a...

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Income Tax Exemption Limit for Individuals & Senior Citizens – Budget 2011

Income Tax - The exemption limit for the general category of individual tax payers has been enhanced to Rs. 1,80,000 from Rs. 1,60,000 in the General Budget 2011-12, presented by the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today. The measure will provide a uniform tax relief of Rs. 2,000 to every tax payer of this category, besi...

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Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh

Income Tax - Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comme...

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Direct Tax code will benefit more to people in higher income group

Income Tax - From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions....

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Reverse mortgage created under a scheme made and notified by the Central Government shall not be regarded as a transfer U/s. 2(47)

Income Tax - The Finance Minister, in paragraph 89 of his speech, while presenting the Union Budget, 2007-08, had announced that the National Housing Bank (NHB) will introduce a reverse mortgage scheme for senior citizens. In pursuance of this announcement, some of the banks have already formulated scheme for reverse mortgage....

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Interest rate on Senior Citizens Savings Scheme from 01.04.2015

G.S.R. 592(E) - (27/07/2015) - In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent....

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No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

Press Release No.402/92/2006-MC (07 of 2011) - (14/03/2011) - The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and sma...

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RBI circular on Financial Assistance to Senior Citizens, Widows and Handicapped persons

RBI/2010-11/328, RPCD.CO.RRB.BC No. 38/ 03.05.33/2010-11 - (24/12/2010) - Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents...

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Recent Posts in "senior citizens"

Brief insights on concept of Reverse mortgage in India

Reverse mortgage as its name implies is the reverse of a traditional mortgage such as home loan. In case of traditional mortgage, lump sum amount is borrowed to purchase or refinance home, then we pay it back in monthly instalments. However, reverse mortgage is just an opposite, lender pays you. ...

Read More
Posted Under: Fema / RBI |

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

Read More
Posted Under: Fema / RBI | ,

Interest rate on Senior Citizens Savings Scheme from 01.04.2015

G.S.R. 592(E) (27/07/2015)

In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be inserted, namely:—Provided also that in the case of a deposit made under these rules on or after the 1st day of April, 2015, it shall bear at the rate of 9.3 per cent. per annum from the date of deposit....

Read More

All about Senior Citizens Savings Scheme, 2004

As name itself suggests, this scheme is only for the senior citizens. The account may be opened by an individual, who has attained age of 60 years or above on the date of opening of the account. The account may also be opened by those who has attained the age 55 years or more but less than 60 years and has retired under a Voluntary Retire...

Read More
Posted Under: Fema / RBI |

Tax benefits for senior citizens

1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons. 2) As per the IT Act, senior citizens who have an income up to Rs ...

Read More
Posted Under: Fema / RBI | ,

Conditions for Indian Citizenship under Citizenship Act, 1955

A person of India origin who is ordinary resident in any country or place outside undivided India is eligible for grant of Indian citizenship by registration under section 5(1) (b) of the Citizenship Act, 1955. Registration under section 5(1) (b) of the Citizenship Act, 1955 is regulated under the provisions of the Citiens (Registration a...

Read More
Posted Under: Fema / RBI |

No Income Tax Scrutiny of Senior Citizens and Small Tax payers Having Gross Income less then 10 Lakh

Press Release No.402/92/2006-MC (07 of 2011) (14/03/2011)

The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. "It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns ...

Read More

Income Tax Exemption Limit for Individuals & Senior Citizens – Budget 2011

The exemption limit for the general category of individual tax payers has been enhanced to Rs. 1,80,000 from Rs. 1,60,000 in the General Budget 2011-12, presented by the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today. The measure will provide a uniform tax relief of Rs. 2,000 to every tax payer of this category, besi...

Read More
Posted Under: Fema / RBI |

RBI circular on Financial Assistance to Senior Citizens, Widows and Handicapped persons

RBI/2010-11/328, RPCD.CO.RRB.BC No. 38/ 03.05.33/2010-11 (24/12/2010)

Please refer to our circulars RPCD. CO. No. RRB. BC. 57/ 03.05.33(F)/ 2005-06 dated December 27, 2005 and RPCD. CO. FID. BC. No. / 12.01.012/ 2010-11 (RBI/ 2010-11/ 253 dated November 1, 2010, in terms of which RRBs are permitted to handle pension accounts and other government business as sub-agents; and to open the accounts of beneficiar...

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FAQs on Reverse Mortgage in India

When you buy a house through a home loan, every EMI you pay towards servicing the loan increases your equity in the house. Once you payoff the loan in full, your equity in the house is 100 per cent. In reverse mortgage, exactly the opposite happens. When you pledge your house for reverse mortgage with a lending institution, your equity in...

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Posted Under: Fema / RBI |
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