Income Tax : If a senior citizen earns income beyond pension and interest, the exemption is withdrawn. The ruling mandates return filing in suc...
Income Tax : Section 194P provides tax deduction relief for senior citizens aged 75 years or more having only pension and interest income. Spec...
Income Tax : Learn about key income tax benefits, exemptions, and filing relaxations available to senior and very senior citizens under the Inc...
Income Tax : Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanc...
Income Tax : Discover complete tax guide for senior citizens (aged 60 and above) for FY 2024-25, covering due dates, exemptions, penalties & CB...
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. /...
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 relaxation.
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 individual has […]
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 […]
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 available to senior […]
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 citizens. […]
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 […]
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 […]
