senior citizens news

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...

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Posted Under: Finance |

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...

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Posted Under: Finance |

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

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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Posted Under: Finance |

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

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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Posted Under: Finance |

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

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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Posted Under: Finance |

Post Office Deposit now Eligible for Deduction Under Section 80C

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or (ii) incurring expenditure on tuition fee and repayment of housing loan. ...

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Posted Under: Finance |

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