senior citizens articles

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. ...

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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 |

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. ...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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 ...

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Posted Under: Income Tax | ,

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 ...

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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: Income Tax |

New Tax Code – Favouring the Millionaires and Bullying the Others

DIRECT TAX CODE BILL, 2009 was unveiled by our Hon. Finance Minister on 12th August 2009 and has been placed in the public domain for an analytical study and critical review of all its clauses. It seeks to consolidate and amend all the Laws relating to the Direct Taxes....

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Posted Under: Income Tax |

Implications of the draft code

The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]...

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Posted Under: Income Tax |

Income tax rates proposed in DTC for Partnership Firm, LLP, Foreign Companies, Domestic Companies, Individual and HUF

For Individuals and Hindu Undivided family The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year. He would pay just zero tax till an income of Rs 1,60,000 per year. From income above Rs 1,60,000 till Rs 10 lakh (Rs 1 million), he […]...

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Posted Under: Income Tax |
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