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Tax (Plan, Retirement)

All senior citizens aged 60 and above but below 75 must file their income tax returns. Read these tax reliefs they may get from budget 2024. : Budget 2024: 6 Income Tax Benefits Could Ease Senior Living

Budget 2024: 6 Income Tax Benefits Could Ease Senior Living

BY Outlook Money

The last date of filing income tax return (ITR) for FY2023-24 is July 31;in case you miss the deadline, you will be liable for a penalty. : ITR Filing: Delay In Submitting Income Tax Returns Can Cost You

ITR Filing: Delay In Submitting Income Tax Returns Can Cost You; Here’s How

BY Outlook Money

Every individual, including senior citizens, with income above the exemption limit must file ITR under Section 139 of the Income Tax Act. : How can senior citizens calculate taxable income, boost deductions

ITR Filing For Senior Citizens: How To Calculate Taxable Income And Maximise Deductions

BY Anuradha Mishra

The last date to file an income tax return (ITR) without a late fee is July 31; all resident Indians with taxable income must file ITR. : When Can Senior Citizens Stop Filing Income Tax Return (ITR)?

ITR Filing: When Can Senior Citizens Stop Filing Income Tax Returns?

BY Outlook Money

Older people new to ITR filing or with limited knowledge should know their basic tax exemption limit. For instance, for senior citizens, it is Rs 3 lakh; for super senior citizens, it is Rs 5 lakh. : ITR Filing: Things Senior Citizens Should Know Before Filing

ITR Filing: Things Senior Citizens Should Know Before Submitting Income Tax Returns

BY Outlook Money

Double Tax Avoidance Agreements (DTAA) can help optimise tax obligations and ensure financial efficiency. Read More. : Understanding DTAA: How NRIs Can Avoid Double Taxation

Understanding DTAA: How NRIs Can Avoid Double Taxation In India

BY Outlook Money

Senior citizens whose age is 75 years or more are exempted from filing the ITR u/s 194P, subject to fulfilment of certain terms and conditions as applicable according to the ITR rule. : How Can Taxable Income Be Calculated For Seniors in ITR Filing?

How Does Taxable Income Be Calculated For Seniors Seeking Exemption From ITR Filing?

From decoding residency status to leveraging DTAA, heres a comprehensive guide to demystify tax complexities for NRIs. : Know Tax Deductions And Liability On Transactions For NRIs

Decoding NRI Taxation: Know Tax Deductions And Liability On Various Transactions

BY Outlook Money

Income sources dealt with under Section 56 of the Income Tax Act include dividends, one-time payments, advance payments, severance packages etc. : What Is Section 56 Of Income Tax Act And How Does The Rule Apply?

What Is Section 56 Of Income Tax Act And How Does The Rule Apply?

BY Outlook Money

Tax evasion differs from tax avoidance, and taxpayers should know the difference to avoid unknowingly committing tax fraud. Learn more. : How Is Tax Evasion Different From Tax Avoidance?

How Is Tax Evasion Different From Tax Avoidance? Know The Consequences

BY Outlook Money

Money, land, etc., received as gifts from people are taxable in the hands of the receiver, and the Income Tax Act sets the rules. : How Are Gifts Taxed? All You Need To Know

How Are Gifts Taxed? All You Need To Know

BY Outlook Money

Gold investors consider the yellow metal a safe investment because of its price stability and stable returns over the long term.

What Are Tax Rules For Different Gold Products?

BY Outlook Money

An inherited property is not subjected to tax at the time of inheritance, but it is taxable during sale under the Indian Succession Act 1925. : When Does Capital Gains Tax Apply On An Inherited Property?

When Does Capital Gains Tax Apply On An Inherited Property?

BY Outlook Money

Section 24 of the Income-tax Act of 1961 allows taxpayers to claim tax deductions against home loan interest and income from a rental property in a financial year. Learn more. : What Does Section 24 Of Income Tax Act Provide For House Property?

What Does Section 24 Of Income Tax Act Provide For House Property?

BY Outlook Money

If you are self-employed or work as a consultant and pay home rent, you may not have access to the HRA as salaried people do. : How Can Self-Employed Get Tax Relief On Rent Payments ?

How To Get Tax Relief On Rent Payments If You Are Self-Employed?

BY Outlook Money

Double taxation means tax levied on a person in more than one country for an income, item, or service purchased. : Double Taxation Avoidance Agreement: Coverages and Benefits

Double Taxation Avoidance Agreement: What Does It Cover And How You Can Benefit

BY Outlook Money

A Voluntary Provident Fund (VPF) is a fixed-income option for employees to save money for retirement along with the Employees Provident Fund. : Is Contribution To Voluntary Provident Fund (VPF) Taxable?

Is Contribution To Voluntary Provident Fund (VPF) Taxable?

BY Outlook Money

The old tax regime, which is still in force and offers a host of deductions and exemptions, exempts income up to Rs 2.5 lakh from taxes. : What Senior Citizens Should Know About Tax Rules For FY2024-25

What Senior Citizens Should Know About Tax Rules For FY2024-25

Both sections 80CCC and 80C of the Income-tax Act, 1961, allow deductions from the annual income, but the limit cannot exceed Rs 1.5 lakh. : How Does Section 80CCC Differ From 80C Of Income Tax Act?

How Does Section 80CCC Differ From 80C Of Income Tax Act? Know The Deductions Available

BY Himani Verma

The Income-tax Act of 1961 offers tax benefits to senior and super senior citizens under certain conditions. Read on to learn more about them. : What Income Tax Benefits Do Senior Citizens Get?

What Income Tax Benefits Do Senior Citizens Get?

BY Outlook Money

Section 139 (8A) of the Income-tax Act, 1961, allows taxpayers to correct previously filed income tax returns (ITRs) to the Income Tax Department. : What Purpose Does Section 139 (8A) Of Income Tax Act Serve?

What Purpose Does Section 139 (8A) Of Income Tax Act Serve?

BY Outlook Money

The grandfathering rule applies to capital gains tax on assets bought before March 2018, when there was no LTCG. : What Is Grandfathering Rule In Capital Gains Tax?

What Is Grandfathering Rule In Capital Gains Tax?

BY Outlook Money

With the change in your income and expenses during the retirement period, it can be a good time to review which tax regime you should go with, the new or the old tax regime. : New Vs. Old Tax Regime, What Suits Best For A Retiree?

New Vs. Old Tax Regime, What Suits Best For A Retiree?

Tax-loss harvesting is a strategy to offset losses against capital gains and reduce tax liability. : Time For Tax-Loss Harvesting? Here’s How You Can Do It

Time For Tax-Loss Harvesting? Here’s How You Can Do It

BY Outlook Money

Sanchaya tax is a property tax levied in Kerala; one can pay the tax online before the extended deadline expires on March 31, 2024. : What Is A Sanchaya Tax? All You Need To Know

What Is A Sanchaya Tax? All You Need To Know

BY Outlook Money

Form 15G or 15H are self-declaration forms to submit to financial institutions where they have made investments to seek no tax deduction. : Forms 15G And 15H And How Is TDS Deducted In EPF %%sep%% %%sitename%%

What Are Forms 15G And 15H And How Is TDS Deducted In EPF? Things To Know

BY Outlook Money

The last day of the financial year is a deadline to fulfill personal finance things such as tax-saving investments, furnishing returns, etc. : Personal Finance Things You Must Not Forget %%sep%% %%sitename%%

Personal Finance Things You Must Not Forget Before The Financial Year Ends

Seniors require patience when they spend their lives after retirement. Seniors must avoid any last minute investing error to save tax. : Seniors Must Avoid 3 Things At The Last Minute To Save Taxes

3 Things Seniors Must Avoid When Investing At The Last Minute To Save Taxes

CBDT set the outstanding tax waiver limit at Rs 1 lakh after Financial Minister Nirmala Sitharaman announced relief in the interim budget. : CBDT Sets Outstanding Tax Waiver Limit At Rs 1 Lakh %%sep%%%%sitename%%

CBDT Sets Outstanding Tax Waiver Limit At Rs 1 Lakh, How To Check The Status?

Tax savings can be crucial for seniors when it comes to saving money and living a financially healthy life. Read More : Tax Savings As A Senior Citizen : 3 Instruments To Maximise Them

3 Instruments To Maximise Your Tax Savings As A Senior Citizen

Niti Aayog recommends viable interest rates for senior citizens, mandatory savings for elderly, and additional concessions for older women. : Mandatory Savings For Elderly : What More Says Niti Aayog

Housing Plan, Mandatory Savings For Elderly Alongside Tax Reforms: What More In Niti Aayog’s Recommendation

The parents are usually ready to pass on their legacies, like the property in which they live, paying property tax should lie on the child. : Paying Property Tax Lie Solely On Parents If Children Are Working?

Does The Onus Of Paying Property Tax Lie Solely On Parents If Children Are Working?

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