senior citizens

Special tax benefits for senior citizen under Income Tax Act 1961

Income Tax - Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits availa...

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Investments options for Senior Citizens

Income Tax - One of my journalist friends, who retired after completing 60 years, called me to seek my opinion about safe investment avenues with relatively better returns available for senior citizens. And this is how the idea germinated about this article. Let us discuss the safe investment avenues with better returns which are available to senior c...

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Benefits For Senior Citizens Under Income Tax Act 1961

Income Tax - In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

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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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Reverse Mortgage: a gold walking stick of senior citizens

Income Tax - The old age may be, financially, a golden period of your life or the worst part of your life depending on whether you have accumulated enough to meet day today expenses after your retirement. Due to gradual decline of joint family system in India couple with rapid urbanization and the increasing trend of  children staying […]...

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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"

Special tax benefits for senior citizen under Income Tax Act 1961

Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits availa...

Read More
Posted Under: Income Tax |

Investments options for Senior Citizens

One of my journalist friends, who retired after completing 60 years, called me to seek my opinion about safe investment avenues with relatively better returns available for senior citizens. And this is how the idea germinated about this article. Let us discuss the safe investment avenues with better returns which are available to senior c...

Read More
Posted Under: Income Tax |

Benefits For Senior Citizens Under Income Tax Act 1961

In our country, great respect has been given to the Senior Citizens in all fields including under the Income Tax Act. In all modes of travelling concessional rates are provided either by Air, Train or Road, separate queue etc. Under the Income Tax Act, benefits are given to Senior Citizen and Very Senior Citizen that […]...

Read More
Posted Under: Income Tax |

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: Income Tax | ,

Reverse Mortgage: a gold walking stick of senior citizens

The old age may be, financially, a golden period of your life or the worst part of your life depending on whether you have accumulated enough to meet day today expenses after your retirement. Due to gradual decline of joint family system in India couple with rapid urbanization and the increasing trend of  children staying […]...

Read More
Posted Under: Income Tax | ,

No TDS u/s 194A for Senior Citizens upto Rs. 5 lakhs

Notification No. 41/2019/F. No. 370142/5/2019-TPL (03/06/2019)

CBDT has issued a notification dated 22nd May, 2019 stating that Senior citizens having taxable income upto 5 lakhs can submit the Form 15H with the banks to claim TDS Exemption. The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after consi...

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Posted Under: Income Tax |

Income Tax Benefits for Senior Citizens

Who is a Senior Citizen ? A Senior Citizen is a resident Indian who is of the age of 60 years or above at any time during the respective financial year. Higher Basic Exemption Limits for Senio Citizens Citizens and Very Senior Citizens For ordinary individual tax payers the basic exemption limit, upto which he […]...

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Posted Under: Income Tax |

Tax benefits for senior citizens/ Super 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 ...

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Posted Under: Income Tax | ,

Benefits available to senior citizens under income tax

The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax For ordinary individual tax payers the basic exemption limit, upto which he is not required to pay any tax, is presently capped at Rs. 2.50 Lakhs.  However [&hell...

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Posted Under: Income Tax |

Senior Care Centre – How it is Different from Real Estate Industry?

Real Estate industries are involved in construction of dwellings as individual houses or apartments and sell it as a product with infrastructure and amenities for day-to-day normal life. It is more a sale than service in strict sense. Its service concept restricts itself to the construction of the dwellings and providing basic infrastruct...

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Posted Under: Income Tax |

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