Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Hardik Parikh |106 Answers |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 31, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Question by Nagaraju on Jul 31, 2023Hindi

Money

Dear Sir, am 60 years of old and since covid 2019 am job less and depending on my kids income is that have to file IT Returns without any source of funds and incomes.

Ans: Dear Nagaraju,

I understand your concern. As per the Income Tax Act in India, if your total income in a financial year does not exceed the basic exemption limit of Rs 3 lakh for senior citizens (60 years to below 80 years of age), then you are not required to file income tax returns.

However, if your total income, including the income of your children that you are dependent on, exceeds this limit, then you would be required to file a return.

I hope this helps.

Best regards,

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Apr 08, 2022

Question by Suryaprasad - Apr 08, 2022Hindi

Money

Sir, My wife is 70 years old housewife. She earned 380000 rs by selling mutual fund (ltcg) and she have no other income. She never submitted IT return. Is it compulsory to submit IT return for this income?

Ans: Yes, you need to file returns using ITR 2. The long term capital gain is subjected to income tax @ rate of 10%+Surcharge/Cess, post 1 lakh of gain and considering grandfathering rule. One can also claim the basic exemption.

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Aug 27, 2021

Question by Joginder - Aug 27, 2021Hindi

Money

Please intimate if a person above the age of 75 yrs is required to file IT return for the assessment year 2021-22.

Ans: As per the Budget 2021, senior citizens above the age of 75 years, who have only pension and interest as a source of income, will be exempted from filing the income tax returns.

This is provided banks will be responsible for the TDS deduction of senior citizens, after considering the deductions under Chapter VI-A and rebate under 87A.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Feb 16, 2023

Question by Teckinder - Feb 09, 2023Hindi

Money

Dear Sir, I have no income since 2017. I was nri before 2017 for almost 10 years. I'm using saved money for survival tilldate. I don't have money to even hire a tax consultant since I can buy some more food with that money. Kindly help me getting ITR etc myself online or kindly suggest cheapest way to be tax compliant which in India is disgustingly not automated for no income entities. Thank you and Best wishes , Best regards, Any

Ans: Visit www.incometax.gov.in. several FAQs and materials are available to guide you on filing ITR. You may prefer that.

Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Mar 08, 2023

Question by Sekhar - Mar 05, 2023Hindi

Money

Hello, i am an advocate by profession, but my income is meagre. I work in a company and draw monthly salary. What itr shall use for submitting tax return

Ans: For person earning income of business & profession, ITR 3 and 4 is applicable. If person is opting for presumptive taxation scheme ITR 4 is applicable, in other case ITR 3 is applicable.

Latest Questions

Dr Nagarajan Jsk |255 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on Feb 22, 2025

Asked by Anonymous - Feb 19, 2025Hindi

Career

Should I pursue data science after 12th standard. Will it be of lesser use due to AI

Ans: Hi, It would be better to complete a science degree first. After finishing your science degree, consider pursuing a data science course as an additional qualification while enrolled in your postgraduate studies. Data science alone may not be sufficient for your career.

Dr Nagarajan Jsk |255 Answers |Ask -Follow

NEET, Medical, Pharmacy Careers - Answered on Feb 22, 2025

Question by Sivakamy - Dec 03, 2024Hindi

Career

My rank in NEET PG is 19727 and I am interested in MD psychiatry.. Will I get a seat in a Government college in Karnataka? I am a domicile of Karnataka

Ans: Hi Sivakamy,

You mentioned only the NEET PG score, but that alone is not sufficient for admission to the course. Other factors are also considered in the admission process. Therefore, it's difficult to address your query with the limited information provided.

If you have more details, please share them, and I'll do my best to help.

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

My son got 99.57 percentile in JEE 2025 . Should he now study for advance or mains , as CS in top NIT will difficult. Secondly what is the scope of Aerospace engineering if done from Top NIT

Ans: Aerospace engineering has limited seats and demand is High.

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 21, 2025Hindi

Career

95.62 percentile in jee mains session 1 ews candidates admission at daiict

Ans: May be, Good luck

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by JP - Feb 21, 2025Hindi

Career

My daughter has scored 98.42 percentile in JEE main session-1 2025. We belongs to general category. she is single girl child. Can she get CSE in NIT Surathkal? Thanks

Ans: I hope so,Good Luck

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Sukumar - Feb 21, 2025Hindi

Career

Dear Sir My daughter has 95.40 percentile in jee mains 2025 ,has OBC NCL female,did she get cse branch at nit

Ans: Chances slim,

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Rahmathulla - Feb 21, 2025Hindi

Career

My son got 97.1 percentile in jeemain january 2025 OBC-NCL and Tamilnadu HS in which NIT and what branch we expect

Ans: Chances slim, based on others choices

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Shreyash - Feb 21, 2025Hindi

Career

My son got 94 percentile in jee mains only attempting the class 12 questions should be take drop and prepare for next year .? If not then what are his college /career options?

Ans: Category? For general chances slim

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Question by Sai - Feb 22, 2025Hindi

Career

Sir i got 80 percentile in jee 2025 can i get any iiit or GFTI I am st category student telagana state At what percentile can i get cse in iiit?

Rajesh Kumar Singh |88 Answers |Ask -Follow

IIT-JEE, GATE Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Jee main 2025 me 95%ile aaya hai to jee main ki taiyari kare ya jee advanced

Ans: May be civil chemical

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x