The IT department has notified7 different ITR formsfor individuals. The following infographic will help you understand the eligibility criteria for each of the forms. Learn more aboutITR forms for FY 2023-24 in our detailed guide. How to file an income tax return ...
You can reduce your taxable income by claiming a tax deduction on your savings account interest. Section 80TTA specifies a ₹10,000 tax exemption. Senior citizens can enjoy a maximum limit of ₹50,000 under Section 80TTB. 7. Contribution to Charity You can enjoy tax exemptions under ...
In terms of healthcare, the Income Act provides for higher tax relief for senior citizens on their medical expenditure. The relief is available against actual expenditure on health insurance premiums up to Rs 30,000 under Sections 80D and on expenditure up to Rs 60,000 on medical treatment for...
Are Senior citizens above 75 years not required to file Income Tax Returns? “For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” Finance Minister Nirmala Sith...
Learn how to file Income Tax Returns ( ITR ) for FY 2022-23 (AY 2023-24) and FY 2023-24 (AY 2024-25). We covers tax concepts on Salary, interest, Capital Gains, House Property, Business and Profession and GST.
2. Rates of Income-tax as per Finance Act, 2022 As per the Finance Act, 2022, the rates of income tax for the FY 2022-23 (i.e. Assessment Year 2023-24) are as follows: 2.1 Rates of tax A. Normal Rates of tax: In the case of every individual other ...
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Some people believe that they should be able to keep all the money they earn and should not pay tax to the state. To what extent do you agree or disagree? Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words. Task...
MYTH: The FairTax will unfairly punish senior citizens living off of their retirement income. Retired individuals living on a fixed income will benefit from the FairTax just like all other Americans. The new system will eliminate the current income tax on Social Security benefits, as well as in...
This is second part of Income tax for beginners. In this we shall talk about Form 16, verifying TDS, Form 26AS and filing income tax returns, documents required, what happens after filing the returns. Table of Contents Overview of Salary Income and TDS What is proof of deduction of TDS...