Let’s assume that Sameer, a resident of India, earns Rs 15 lakhs per annum. Disclaimer:For this example, we will assume that he is not taking any tax benefits from the government of India. The first 2.5 lakhs of his income are tax-free. Post that, for every 2.5 lakhs he will be ...
Attempt to simplify the tax regime, reduced tax burden on those earning below Rs. 15 lakh per annum. What didn't: Taxpayers could be left scrambling to decide which tax structure suits them best. DBS Bank offers Mutual Funds that are instant, paperless, signatureless – even transaction fee-...
The process for filing of income tax return is same as citizen less than 60 years of age. Other than exemption limit there is no change in Income under various heads, type of ITR form to fil. l So if your income in year is above 5 lakhs you need to e-File your return. If TDS h...
Senior citizens can file Form 15H to prevent banks, post office etc from deducting tax at source on the interests payable on their money if their estimated taxable income for the financial year is less than the basic exemption limit. Our articleAvoid TDS : Form 15G or Form 15Hdiscusses it...
Though the Flat in Joint name but the payment has been(are /will be) paid by you and wife has not contributed any money in the Flat purchasing . As per section 27(i) of the income tax act ,ownership shall be deemed for taxing income from house property : ...
As per section 194DA of the Income Tax Act of 1961, life insurance companies shall now deduct TDS, if the amount paid on your life insurance policy, including bonus, exceeds Rs. 1 lakh in a financial year. If a I paid a half yearly premium of 15000/- for five years from 2010 to ...
NRIs are taxed as per the tax rate and slabs prescribed for resident Indians below 60 years irrespective of whether he is a senior citizen or not. NRIs cannot adjust the taxable capital gains against the basic exemption limit. So if an NRI earns Rs 2.5 lakh capital gains, he will have ...
(iv) Winnings from lotteries, crossword puzzles, races, games, gambling, betting etc., as per section 115BB are to be entered on gross basis and are subject to special rates of tax; hence a separate item is provided and the income from these cannot be adjusted against the losses arising...
How to calculate tax liability for interest on Income Tax Return? As mentioned earlier,Interest that is earned on fixed deposits is taxable in the hands of the depositor as per the income slabso a person who earns above 10 lakh pays 30% tax (And education cess and surcharge extra). If ...