“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 Sitharaman had said In the Budget Speech 2021-22. She had said that in the 7...
Senior Citizens and Tax Our articleSenior Citizen and Income Tax, discusses their sources of income, tax deductions exemptions, their tax slabs. TDS and Form 15H, filing of income tax return. Do Senior Citizen have to pay advance tax? Scrutiny and Senior Citizen Tax slabs forIncome Tax for ...
Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return (ITR) non-filers, Penalty imposition for non-linking of ...
To APPRECIATE the Determination of an Independent Women iSPEEDTax has Taken a Step Forward in Providing Free Income Tax Return Services for all Working Women below the age of 25 years. Start Now Start Now Expert e-filing For Senior Citizens ...
ITR filing is voluntary for individuals whose gross total income is below ₹2.5 lakh and do not meet any of the above criteria. Why should you file an income tax return? Here are six reasons why you should file an income tax return every year. 1. Have an official record of your incom...
The only income earned from selling an asset in a financial year where TDS has been deducted are not required to e-file income tax return for that year. What is the last date of filing income tax return in India? For NRI's, July 31st is the last date toE-file income tax returnin ...
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Once you complete the ITR filing with Income Tax Department, they will assess your tax return. If they find that you have paid extra tax, then they will issue a refund for you. The refund is made through bank cheque which they send to your given postal address. If you have provided you...
The Finance Minister also introduced a 10% tax rate on distributed income earned from equity-based mutual funds. For the senior citizens of the country, the Indian government has also established a lot of changes that will help minimise their financial burden: The exemption of interest income on...
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.