Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: TDS :: VAT Audit :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: form 3cd
 
 
« Budget Extravaganza »
 Are you expecting good tax breaks in Budget 2017? Think again
 Budget 2017: Home insurance premium should get income tax exemption
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
 What’s the big deal if budget presented on Feb 1, which law violated? SC asks PIL petitioner
 What aam aadmi wants from Budget 2017

Tax benefits for senior citizens
February, 07th 2011

1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons.

2) As per the IT Act, senior citizens who have an income up to Rs 2.4 lakh per annum are eligible for tax exemption.

3) Senior citizens receive a higher interest (up to 50 bps) on a 5-year fixed deposit, which is eligible for deduction from the total income under Section 80C.

4) Senior citizens can claim exemption on the tax deducted at source (TDS) on interest income earned on deposits. It can be done by submitting Form 15H under Section 197 of the IT Act.

5) Under Section 80D, the limit on the premium paid for medical insurance goes up to Rs 20,000 if the person covered under the policy is a senior citizen.

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

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