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: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TDS :: articles on VAT and GST in India :: VAT Audit :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax

Senior citizens and tax
June, 15th 2006

News

15th June, 2006

Senior citizens and tax

Under the Senior Citizens Savings Scheme (SCSS) 2004, the Finance Minister had announced that no tax would be deducted at source on interest paid.

In Budget 2005, the taxable income threshold for senior citizens was raised to Rs 185,000, thus benefiting a large majority of seniors in that they did not have to file tax returns if their income fell below the limit.

It is now understood from the banks that the Government has `clarified' that the TDS regime will be applicable to SCSS 2004 with effect from the FY 2006-07.

While this may be acceptable, what is harsh on seniors is the botheration of filing declaration in Form 15H with the tax deducting bank or the Post Office, failing which they will have to file return for claiming refund from the tax authority not a very pleasant experience.

In all likelihood many may fail to do so as the revised instructions on TDS have not been made public yet.

The Government will end up retaining large sums of unjustified collections remaining unclaimed.

Citizens, including seniors, have already been burdened with the ever-expanding net of service tax on every conceivable payment mode.

The imposition of TDS for seniors is a cruel joke.

G. K. Udeshi
Mumbai

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

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