In India, pension forms a part of the income. However, the tax application varies based on the type of pensionyou receive.

One has to file an income tax return in case of a tax liability, but in some cases, it is mandatory to file one even when the income is below the basic exemptions limit

As per the income tax rules, individuals must link their PAN and Aadhaar cards, failing which will attract double the standard rate of TDS deduction.

Wouldn’t it be better to use the return earned on your investments to repay your loan EMIs? A systematic withdrawal plan (SWP) can be used to repay the loan EMIs, but you first need to understand how to do it.

Higher interest rates and TDS exemption limits for senior citizens have propelled their investments in fixed deposits, resulting in a significant amount of tax collection for the government, totaling around Rs 27,000 crore.

Form 15G or 15H are self-declaration forms investors can submit to financial institutions where they have made investments to seek no tax deduction at source.

Investors can choose them based on their investing horizon, needs and risk-taking ability.

Senior citizens usually invest in bank fixed deposits as they offer guaranteed returns. Unlike bank FDs, corporate FDs generally provide higher rates, but are they a safe bet for them?

Most banks are offering senior citizens an extra interest rate of 25-50 basis points on FDs compared to non-seniors. Still, you must take care of your FDs to maximize benefits

Senior citizens and super senior citizens have some special income tax benefits available to them under the Income Tax-act, 1961.