Income Tax : Explore investment planning for senior citizens, covering tax slabs, deductions, and the Senior Citizens Savings Scheme (SCSS). Un...
Income Tax : Discover the tax benefits available to senior and very senior citizens under the Income Tax Act in India, including lower tax rate...
Income Tax : Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income ...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
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 6...
Corporate Law : Department of Social Justice and Empowerment has formulated the scheme of National Action Plan for Senior Citizens (NAPSrC) with e...
Finance : A person of India origin who is ordinary resident in any country or place outside undivided India is eligible for grant of Indian ...
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 G...
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 t...
Income Tax : From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on ...
Corporate Law : Explore the impact of SB Order No. 22/2023 on Senior Citizen's Savings Scheme, National Savings Time Deposit Scheme, and Public Pr...
Finance : In the Senior Citizen Savings Scheme Rules, 2004, in rule 7, in sub-rule (1), after the third provisio, following proviso shall be...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
Fema / RBI : 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. /...
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 […]
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 considering […]
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
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 […]
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 infrastructure.
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.
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.
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 Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account or within three months from the date of retirement.
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 at Indian Consulate) Rules, 1956.
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 in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
