What Are The Best Tax-Saving Instruments For Senior Citizens?
After retirement, the tax-saving strategy requires an immediate review as seniors can no longer use the EPF for tax savings. So, which are the best tax-saving options left for seniors after EPF?
Should You File ITR Even If Your Income Is Not Taxable?
Are you a senior citizen with an income below the taxable limit? Filing an income tax return (ITR) can offer several benefits; however, sometimes, not filing an ITR can cause trouble, too!
Missed ITR Deadline Or Filed Unsuccessfully? Here Is What You Can Do
If you missed your ITR deadline on July 31, 2023, or the process failed due to incomplete paperwork or portal failure, you can still file a belated one and avoid legal action
Still Unclear About Standard Deduction? Learn Whether You Can Claim It In New Tax Regime
New tax regime has eliminated various deductions under the Income-tax Act. Read on to learn if you can claim standard deductions in FY2022-23
Is Money Received From Children Living Abroad Taxable?
Money received from children who are non-resident Indians (NRI) is not taxable, but it may raise questions by the income tax department for the remitter
Did You Know The Deductions You Can Claim On Rental Income In New Tax Regime
One has to forgo various tax deductions if opting for the new tax regime, such as interest on a home loan under ‘Income from House Property’. However, there are still a few deductions that you can claim. Here’s a list of those deductions
Do You Need To File ITR If There Is No Taxable Income?
Senior citizens aged 60 to below 80 with income less than Rs 3 lakh in a financial year are exempt from filing the income tax return (ITR), but they can do it for their own interest
3 Investment Vehicles That Can Help You Save On Tax
Taxes can significantly reduce your disposable income after retirement. Investment planning can help you reduce your tax liability and maintain a comfortable lifestyle after retirement
ITR Filing AY2023-24: Avoid These 7 Mistakes For Needless Trouble Later
Avoid these mistakes while filing your income tax returns if you do not want the trouble of filing a revised one for providing wrong or incomplete information
Are You Liable To Pay Advance Tax? Know The Details
The Income-tax Act, 1961 requires people to pay advance tax if their tax liability is Rs 10,000 or more in a financial year. However, seniors have some exemptions
What Is The Tax Liability On Gifts Received?
Seniors may receive gifts from children for their cash flow and other needs, and here’s the taxability.
Want To Gift Ancestral Gold To Your Kin Or Sell It For Cash? Know The Taxation
If you plan to gift your inherited gold jewellery or sell it for some cash flow in your retirement years, then here are the taxation aspect and the capital gains tax provisions you need to be aware of
Six Special Income Tax Benefits For Senior And Super Senior Citizens
Senior citizens and super senior citizens have some special income tax benefits available to them under the Income Tax-act, 1961.