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Mihir Tanna |1018 Answers |Ask -Follow

Tax Expert - Answered on Nov 02, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Question by Rangarajan on Oct 12, 2023Hindi

Money

I will complete 75 years on 07 July 24. If my income is only from Salaries and bank interest Do I have to file Return for FY 23-24

Ans: Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above.

Conditions for exemption are:

Senior Citizen should be of age 75 years or above
Senior Citizen should be ‘Resident’ in the previous year
Senior Citizen has pension income and interest income only & interest income accrued / earned from the same specified bank in which he is receiving his pension
The senior citizen will submit a declaration to the specified bank.
The bank is a ‘specified bank’ as notified by the Central Government. Such banks will be responsible for the TDS deduction of senior citizens after considering the deductions under Chapter VI-A and rebate under 87A.
Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.

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.

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I am a senior citizen aged 68. I was working in a private company and do not get any pension. I had invested some small amounts and get quarterly payout . These were done in Banks. I get about 2 lakh a year in total. Do I have to file returns for AY 23-24? If so should I choose the old regime or new regime. I had saved some money, but all of it was scammed from me sometime in September -October.

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May 11, 23 I am 73 years now. I am retired and get about Rs 6,00,000- annual returns on my FDs + Mutual Funds + share dividends etc. I pay about Rs 1,30,000- for medical insurance premiums for me and my wife. Will i have to pay any tax. Also do i have to submit any Income tax returns. Thanks

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You can cross check https://incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx

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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.

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