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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Apr 27, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Apr 25, 2023Hindi

Money

Hello, Im 57 and retired from services and no more a monthly salaried person.My FD interest income per year would be 6 lacs . Do i need to pay tax ? I have a medical insurance plan where i pay a premium of Rs 40k per year .

Ans: As per the income tax laws in India for the financial year 2022-23, if your income from all sources, including interest income from fixed deposits, exceeds Rs. 2.5 lakhs, you are required to file an income tax return.

In your case, your interest income from fixed deposits is Rs. 6 lakhs per year, which is above the basic exemption limit of Rs. 2.5 lakhs. Therefore, you will have to pay tax on the amount that exceeds the exemption limit.

The tax rate applicable to your income would depend on your total income, including any deductions you may be eligible for. For senior citizens (individuals aged 60 years or more), there are higher basic exemption limits available. For the financial year 2022-23, the basic exemption limit for senior citizens is Rs. 3 lakhs.

Regarding your medical insurance premium, you may be eligible for a deduction under section 80D of the Income Tax Act, up to Rs. 50,000 if you are a senior citizen. This deduction can be claimed from your taxable income, reducing your tax liability.

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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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

Ans: Senior citizen earning interest income from FDs/Dividend Income of Rs.6 lacs and eligible for deduction of Rs.1 lac on mediclaim; is not likely to pay any tax as income upto 5 lacs is eligible for rebate upto 10,000.

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

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SIR, I HAVE RETIRED FROM SERVICES AND THERE IS NO INCOME BUT I RECEIVED AMOUNTS FROM POMIS, INTEREST FROM FD AND DIVIDEND FROM SHARES AND IT WORKS OUT TO MORE THAN RS. 50000 PER YEAR. WHETHER I HAVE TO PAY TAX AS THERE IS NO INCOME. PL SUGGEST. THANKS

Ans: Considering that you have retired and you're receiving income from POMIS, FD interest, and dividends, it's important to assess whether the total of these incomes exceeds the basic exemption limit for income tax. the basic exemption limit for individuals below the age of 60 was Rs. 2.5 lakh per financial year.

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Asked by Anonymous - Dec 24, 2024Hindi

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Sir if my only source of income is intrest from fd that is around 2 lacs per month then how much tax I have to give and my age is 51

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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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