Banks offer a higher rate of interest on fixed deposits to senior citizens. The offering is 0.25-0.75% more than the prevalent interest rates. Other than that Fixed Deposit is similar for Senior and other citizens. Our articleSenior Citizen,Fixed Deposits and Taxdiscusses it in detail. Tax or...
As per the new guidelines, if you're filing ITR after1st August, 2023,your return will be invalid if you do not verify itwithin 30 days. Here's how you can verify income tax return online and offline: You can e-verify using a one-time password sent to your Aadhaar-registered mobile ...
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 ...
Tax rebate is another facility given by Income Tax Department which helps in saving tax. An individual resident of India, (including Senior Citizens) whosetotal taxable income does not exceed 5 lakh rupeesis entitled to a rebate of Rs 12,500 for FY 2019-20. Our articleIncome Tax Rebate unde...
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.
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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 ...
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...
Transnational Corporation of Nigeria's after-tax profit rose 24 percent to N1.49 billion in Q1 2017. Nigeria’s digital economy to generate $88 billion, create three million jobs Enelamah said the ministry is developing the “Smart Nigeria Digital Economy Project...
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...