Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TDS :: due date for vat payment :: articles on VAT and GST in India
 
 
« News Headlines »
 A tax saver scheme with higher returns
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

Now become a senior citizen at 60
February, 06th 2007

You may now turn a senior citizen five years too soon. Budget 2007-08 is set to redefine senior citizens of the country by reducing their qualifying age to 60 from 65 for availing of tax exemptions.

This comes even as the finance ministry is working on a special package for the elderly. The move is in line with the governments proposed National Old Age Policy Bill, which is set to be introduced in Parliament shortly.

The finance ministry is toying with the proposal that has the backing of the ministry of social justice (MSJ), a source said. If the proposal goes through, it will bring considerable relief to a large number of citizens who have touched 60.

Senior citizens get an exemption of up to Rs 1,85,000 under the Income Tax Act against Rs 1,00,000 for others. The new definition will also mean that senior citizens will now be entitled to a higher interest on bank deposits (three years and above) on reaching 60 years.

While a lower qualifying age will expand the base for senior citizens, the government may also raise the TDS limit from Rs 5,000 to Rs 10,000 for income from interest on bank deposits.

The elderly, who do not come under the tax net, have to queue up at banks for their TDS certificates. Besides, it is looking at raising deduction against premium contribution to medical insurance from Rs 15,000 to Rs 20,000.

Insurance companies charge higher premiums to provide cover to those who have attained 60 years and thus there is a strong case to revisit the cap in line with the increase in medical costs.

The National Policy on Older Persons confers the status of senior citizen to a person who has attained 60 years. MSJ, which has proposed the policy, has asked all government departments and ministriesboth at the Centre and state levelto adopt this criterion. Finmin has taken cue from MSJs recommendation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions