Skip to main content

Featured Post

Reliance Jio IPO: India's Biggest IPO Coming Soon? Valuation, ARPU, and Latest News

  New Delhi : Financial specialists are profoundly excited almost the Dependence Jio IPO and are anticipating it with awesome expectation. After two decades, Dependence Businesses is set to dispatch an IPO for one of its major commerce units. Presently, Mukesh Ambani has given a critical upgrade with respect to this Jio IPO . The draft outline for Jio Stages is anticipated to be recorded following month. This may possibly be the biggest IPO in the country's history. Dependence has designated a consortium of 19 banks to oversee this process.   Mukesh Ambani, Chairman of Dependence Businesses, has dropped a major indicate with respect to the exceedingly expected IPO of Jio Stages. Depicting it as a "definitive breakthrough," Ambani signaled that the company is quickly progressing in its arrangements for what is balanced to be India's largest-ever IPO. Talking amid the company's profit discharge, Ambani expressed, "I am satisfied to share that we are making...
Post a Comment

Even after the new exemption, will file ITR for older people above 75 years of age?

Even after the new exemption, will file ITR for older people above 75 years of age?

 


Finance Minister Nirmala Sitharaman has announced a waiver in the Union Budget 2021 for the elderly aged above 75 years from filing income tax returns. This announcement sounds good, but if you look at the conditions related to it, it would be better to continue filing returns to the income taxpayer.

 

Actually, Finance Minister Nirmala Sitharaman had said in the budget speech that we are going to reduce the burden of legal troubles on the elderly aged 75 years or less. The central government will exempt senior citizens who have income only from pension and interest, from filing income tax. The paying banks of these senior citizens or the taxpayer will deduct the tax levied on their income. Experts say the announcement by the Finance Minister does not mean that 75 cross-aged elders earning pension and interest will not have to pay tax. They are exempted only from filing returns and tax will be deducted by their paying bank. That is, they will not need to pay a separate tax on their income.

 

These exemptions will apply with the following conditions

 

 

  • The pension or interest should be the only means of earning a senior citizen or taxpayer. If there is any other source, the tax has to be paid separately, and filing ITR will not be exempt.

 

  • The pension account and bank fixed deposit should be in the same bank so that tax deduction at the source can be done easily.

 

  • Senior citizens holding fixed deposits in two or more banks will not be exempt from filing returns. If senior citizens taxpayer is earning from post office deposits or other budget schemes, then he also has to file returns.

 

  • Those who earn income from mutual funds, shares, insurance plans, and debt options will not get an exemption from ITR.

 

  • If more tax is accumulated, then ITR will have to be filed for a refund. The government believes that if a citizen can manage more than one account, then he can also fill the returns.

 

Experts say that this issue still needs further clarification from the Income Tax Department. From the budget announcements, it seems that bank account, deposit account, and pension account should be in the same account to get an exemption from returns. In such a situation, it would be better for the elderly with income above 75 years to keep filing their returns.


Labels:

Comments

Post a Comment

Popular posts from this blog

Know All About Sovereign Gold Bond Scheme (SGB)

    The first time Sovereign Gold Bond Scheme was first introduced by the Government of India in the Union Budget of 2015-16. It was introduced by the Government of India to reduce the demand for the physical gold form and a part of this physical gold is bought every year in the form of gold bands for the purpose of invest in SGB.   Latest on Sovereign Gold Bond Scheme    A tenth tranche of the buy SGB Series – The Sovereign Gold Bond Scheme 2021-22 - Series X in which the Reserve Bank of India (RBI) sell gold bonds linked to the market price of gold on behalf of the government made available for investment will be open for buy SGB for the period from February 28th to March 4th.   What is Sovereign Gold Bond?   The Sovereign Gold Bond is an initiative taken by the Government of India to reduce the demand for physical gold as per the Reserve Bank of India as the increasing import of gold is affecting the growth and investment of India. Large quantities ...
Post a Comment
Read more

Know that senior citizens get many special concessions in income tax

  People above 60 years of age, i.e., senior citizens, not only get the benefit of income tax exemption but also receive special relief from income tax on investments and returns. Elderly citizens do not have to pay any income tax on income up to Rs 3 lakh.   Exemption in tax limit under 80C limit: The tax exemption limit for old citizens in a financial year is Rs 3 lakh, while a common man gets tax exemption only up to Rs 2.5 lakh. For very senior citizens who are above 80 years of age, it is Rs 5 lakh. That is, if the annual income of a senior citizen is up to Rs 3 lakh and TDS has not been deducted, then he need not file an income tax return. Similarly, very senior citizens need not file income tax returns if they do not have an annual income up to Rs 5 lakh.   If the age is more than 75 years then no return is required: Those above 75 years of age are not required to file tax returns. There is no any need to file ITR for people above 75 years of age who are ...
Post a Comment
Read more

What is the Orange Economy? Top Sectors to Invest in 2026.

  In a time when mechanization and machine learning are changing conventional businesses, a flourishing portion of the worldwide economy is illustrating that human resourcefulness is still a important asset. The "Orange Economy"—also known as the imaginative economy or social industries—has played a major part in protecting culture, making occupations, and developing the economy. But what is this energetic thought, and why is it picking up conspicuousness in discussions almost worldwide development?   What is the Orange Economy?   The express "Orange Economy" was at first utilized by previous Colombian President Iván Duque Márquez and previous Culture Serve Felipe Buitrago. Concurring to the Inter-American Improvement Bank, it is "the organize of interconnected forms through which thoughts are turned into social merchandise and administrations whose esteem is decided by mental property."   Orange was particularly picked since it has been related with devel...
Post a Comment
Read more