senior citizens

Benefits for Retired Employees under Income Tax Act 1961

Income Tax - BENEFITS FOR RETIRED EMPLOYEES under Income Tax Act 1961 Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension Leave Enchashment and from Provident Fund Higher dedication for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more …. Benefit Fo...

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Income Tax Benefits for Senior Citizens & Very Senior Citizens

Income Tax - Benefits for Senior Citizens and Very Senior Citizens under Income tax Act, 1961 Higher Basic exemption limit Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more… Who is a Senior Citizen and a very Senior Citizen? A Senior Citizen is a resident Indian who is [&h...

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Roles & Responsibilities of Banks Increased by Income Tax Departments

Income Tax - MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

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Relief To Senior Citizen From Filing Income Tax Return

Income Tax - Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this rela...

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Will exemption from ITR filing proposal for senior citizen will work

Income Tax - The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every indiv...

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Benefits of Social Security Schemes to Senior Citizens

Income Tax - Department of Social Justice and Empowerment has formulated the scheme of National Action Plan for Senior Citizens (NAPSrC) with effect from 01.04.2020 which has a sub-scheme of Programmes for National Institute of Social Defence for Senior Citizens (NISDSrC)....

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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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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"

Benefits for Retired Employees under Income Tax Act 1961

BENEFITS FOR RETIRED EMPLOYEES under Income Tax Act 1961 Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension Leave Enchashment and from Provident Fund Higher dedication for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more …. Benefit Fo...

Read More
Posted Under: Income Tax |

Income Tax Benefits for Senior Citizens & Very Senior Citizens

Benefits for Senior Citizens and Very Senior Citizens under Income tax Act, 1961 Higher Basic exemption limit Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office and many more… Who is a Senior Citizen and a very Senior Citizen? A Senior Citizen is a resident Indian who is [&h...

Read More
Posted Under: Income Tax |

Benefits of Social Security Schemes to Senior Citizens

Department of Social Justice and Empowerment has formulated the scheme of National Action Plan for Senior Citizens (NAPSrC) with effect from 01.04.2020 which has a sub-scheme of Programmes for National Institute of Social Defence for Senior Citizens (NISDSrC)....

Read More
Posted Under: Income Tax |

Roles & Responsibilities of Banks Increased by Income Tax Departments

MAJOR INCOME TAX COMPLIANCE LIABILITIES ON BANKS- 1. REPORTING OF HIGH VALUE TRANSACTIONS- High Value transactions are transactions which are incurred in high denominations. Banks are required to intimate about following high value transactions to Director of Income-tax (Intelligence and Criminal Investigation) by filing Form 61A called S...

Read More
Posted Under: Income Tax |

Relief To Senior Citizen From Filing Income Tax Return

Conditions for Relaxations in Return Filing for Senior Citizens 1. He is of 75 years or more during the year. 2. He is Resident in India. 3. He has only pension income and can derive bank interest from same bank in which pension is received. Therefore if he receives bank interest from any other bank then he cannot enjoy this rela...

Read More
Posted Under: Income Tax |

Will exemption from ITR filing proposal for senior citizen will work

The budget presented on 1st February 2021 has proposed exemption to senior citizen from filing of income tax return (ITR) subject to satisfaction of certain conditions. Let us understand what is the proposal and whether it will really work as intended. Relief proposed for Senior citizen Presently, based on the income criteria, every indiv...

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Posted Under: Income Tax | ,

Section 194P Return filing exemption for Senior Citizen aged 75 Year or more

Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021. Section 139 of the Act provides for filing of return of income. Sub-section (1) of the section provides that every person being an individual, if his […]...

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Posted Under: Income Tax |

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...

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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...

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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 […]...

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Posted Under: Income Tax |

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