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 ...
As per Budget 2021, applicable from FY 2021-22(i.e from 1 Apr 2021), the senior citizens will be exempted from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on ...
It is mandatory for an individual to file income tax return in case her gross total income (before allowing deductions under sections 80C to 80U) exceeds Rs.2,50,000 in a given FY (this limit is Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens). However, i...
Tax benefits on Home Loan can be claimed under the Income Tax Act 1961. Customer can claim a deduction upto Rs 1.5 Lakhs per financial year on the Principal Amount under Section 80C. Similarly, customer can claim a deduction of upto Rs 2 Lakhs per financial year on the interest paid under...
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 ...
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 ...
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 : ...
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 ...