The Importance Of Filipino Senior Citizens
What’s New
Exemption limit is the quantum of income up to which a person is not liable to pay tax. The exemption limit granted to senior citizen for the financial year is as follows : A senior citizen is granted a higher exemption limit compared to non-senior citizens. The exemption limit for the financial year available to a resident senior citizen is Rs. The exemption limit for non-senior citizen is Rs. Thus, it can be observed that an additional benefit of Rs. A very senior citizen is granted a higher exemption limit compared to others. The exemption limit for the financial year available to a resident very senior citizen is Rs. In other words, these benefits are not available to a non-resident even though he may be of higher age. The age and other criteria to qualify as a senior citizen under the Income-tax Law are as follows : Criteria for senior citizen Must be of the age of 60 years or above but less than 80 year at any time during the respective year.
The Importance Of Filipino Senior Citizens for very senior citizen Must be of the age of 80 years or above at any time during the respective year. Must be resident.
However, section gives relief from payment of advance tax to a resident senior citizen. Must be of the age of 60 years or above but less than 80 year at any time during the respective year.
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Must be resident Note: it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen are available only to resident senior citizen and resident very senior citizens. Must be of the age of 80 years or above at any time during the respective year. What are the benefits available in respect of interest on deposits in case of senior citizens? Interest earned on saving deposits and fixed deposit, both shall be eligible for deduction Citixens this provision. Therefore limit is to be computed for every bank individually. Is a senior citizen exempts from filing of Income-tax return [ITR]?
Income-tax Act, provides no exemption to senior citizen or very senior citizen from filing of return of income. However, to provide relief Impogtance the senior citizens whose age is 75 years or more and to reduce the compliance burden on them, the Finance Act,has inserted a new Section P.
This provision requires a banking company to deduct tax under this provision if deductee is maintaining an account with it in which he is receiving his pension income.
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The tax is required to be deducted under this new provision if the recipient is a resident individual whose age is 75 years or more at any time during the year and the The Importance Of Filipino Senior Citizens conditions are fulfilled: a Total Income of the deductee consists only income in the nature of Importande and interest received or receivable from any account maintained with deductor such bank ; Importane b Deductee has furnished a declaration to deductor containing prescribed particulars.
If the above conditions are satisfied, the deductor shall compute the income of deductee after giving effect to the deduction allowable under Chapter VI-A and rebate under Section 87A. Tax on such income is required to be deducted on the basis of rates in force. If tax is deducted from the income of such senior-citizen, he shall not be liable to furnish the return of income for the previous year in which tax has been deducted.
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