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...
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 dependent only on pension or bank interest income. However, if they are
earning income from other sources as well, whether it is rental income or
anything else, then they will be required to file ITR as usual.
Deduction on payment of insurance
premium: Under section 80D of the Income Tax Act, medical insurance premium up
to Rs.50,000 paid by senior citizens is allowed as a deduction. For other
taxpayers, this limit has been fixed at Rs 25,000.
Deduction for expenses incurred on
medical treatment: Under section 80DDB, senior citizen taxpayers can claim
deduction up to Rs 1 lakh for expenses incurred on treatment of certain
specific diseases. A person up to the age of 60 years can take a deduction of
up to 40 thousand rupees on this.
Deduction on interest earned: Senior
citizens can claim deduction up to Rs 50,000 (annual) on interest earned from
savings bank accounts and fixed deposits. For common taxpayers, this limit has
been fixed at Rs 10,000.
E-filing not mandatory: Very senior
citizens taxpayers filing their returns in ITR 1 or ITR 4 can do so in paper
mode. Its e-filing is not necessary for him.
Exemption on payment of advance tax:
According to section 208 of the Indian Income Tax Act, every person whose tax
liability is Rs 10,000 or more for a year, he has to pay tax in advance, but
under section 207 he is a senior citizen. Whose business or profession is not
an income, he does not have to pay advance tax.
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