Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Aug 27, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Joginder on 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.

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

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Mar 11, 2023

Question by VA - Feb 24, 2023Hindi

Money

I have completed 60 yrs of age a few days back in this month only. So shall I be treated as Senior Citizen for filling my IT return for this year ( i.e. FY 2022-23) and can I avail the 80 TTB limit of Rs. 50000 & 80 D benefit of Rs. 50000 ?

Ans: The age of an individual is calculated from 01 April of the financial year. Hence you will not be treated as a senior citizen.

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Sep 02, 2023

Asked by Anonymous - Jul 24, 2023Hindi

Money

I am a Sr citizen, 68 yrs. My taxable income for AY 2024-25 would be less than Rs 7 lakh. as I'll be switching over to New Scheme from AY 2024-25 onwards. Also no TDS would be deducted as I have already submitted Form 15H. For FYI, I have been filing Online return since last so many years and I have getting full refund of TDS since last 4/5 years. So please advise do I need to file IT return for AY 2024 -25 and onwards ?? Thanks

Ans: Yes you should file ITR as it has multiple benefits

Hardik Parikh |106 Answers |Ask -Follow

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

Question by Nagaraju - 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,

Milind Vadjikar |1050 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 07, 2025

Question by HMP - Feb 04, 2025Hindi

Money

As per Budget 2025 under assessment year 2026 -27 requirements to file Income Tax Return compulsory or who are supposed to file return compulsory. Also why Income Tax slabs not starting from ₹12Lakhs to ₹16Lakhs instead of ₹0 to ₹4Lakhs if no Tax liabilities for income upto ₹12Lakhs?

Ans: Hello;

Let us wait for the new income tax act supposed to be tabled in parliament next week.

However generally people below 4 L annual income may not file tax returns but it becomes essential sometimes to:

1. Claim TDS refund

2. Report capital gain transaction and tax liability on account of the same.(This is not exempted)

3.Report any other income which may or may not be exempt.

Best wishes;

Latest Questions

Rajesh Kumar Singh |96 Answers |Ask -Follow

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

Question by Margam - Feb 22, 2025Hindi

Career

Hi sir my son jee mains 2025 1st season 98.19 score so please tell me which NIT he will get cse obc .

Ans: For OBC chances good

Rajesh Kumar Singh |96 Answers |Ask -Follow

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

Question by Santosh - Feb 22, 2025Hindi

Career

My son got 99.52 percentile in Jee Mains. General Quota. Which NIT he will get admission in CSE. Can he get in NIT Trichy Thanks in Advance

Ans: Better chance, Good Luck

Prof Suvasish Mukhopadhyay |397 Answers |Ask -Follow

Career Counsellor - Answered on Feb 22, 2025

Question by Ravi - Feb 22, 2025Hindi

Career

I got 90.50% in jee main sc category can i secure a top nit?

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by Vandana - Feb 22, 2025Hindi

Career

Hi My daughter get 72 percentile in jee mains 1 i dont know what happened to her otherwise she is a good student scored 94% in her 10th boards ..if i will look for some private engineering college in india pls suggest i will go with pune or will look for management quota seat for csc from banglore. Pls suggest preference order of btech college in banglore

Ans: Hello Vandana.
Requesting you not to panic at this early stage. Let her appear for JEE session 2 and the state-level engineering entrance test. Let all the results out. You have ample time to think about the available options for engineering admission. At this stage, no need to think about management quota unless and until you want a particular branch in a particular college. Depending on her score in upcoming exams, she may get admission to reputed engineering either in Pune or Bengaluru
Here are some colleges in Bengaluru: (1) R.V. College of Engineering (RVCE) (2) B.M.S. College of Engineering (BMSCE) (3) M.S. Ramaiah Institute of Technology (MSRIT) (4) PES University (5) Bangalore Institute of Technology (BIT) (6) Dayananda Sagar College of Engineering (DSCE) (7) Sir M. Visvesvaraya Institute of Technology (SMVIT) (8) BMS Institute of Technology and Management (BMSIT&M) (9) Nitte Meenakshi Institute of Technology (NMIT) (10) RNS Institute of Technology (RNSIT)
Suggestion - Don't panic. Keep cool yourself. Ask your daughter to focus more on JEE 2nd attempt and state-level engineering entrance test.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Vipul Bhavsar |26 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2025

Asked by Anonymous - Dec 22, 2024Hindi

Money

my gross income for fy:24-25 will be 5 lac and STCG is 1 lac so under new tax regime what will be my tax liability?

Ans: Assuming STCG is from Shares on which STT is paid and sold after 23 Jul 2024, your tax liability for FY 2024-25 shall be around Rs.21300

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by AVI - Feb 22, 2025Hindi

Career

I got 98.34 percentile marks jee main 2025 can I get cse top NIT or IIIT

Ans: Hello AVI
Chances are bright to get CSE in NITs & IIIT

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

My Relatives appear in JEE Mains 2025with 96.15 score. Interest in ECE he has SC Catagory

Ans: Hi,
There is a good chance that he will get to the branch of his choice, either through JOSAA or CSAB.

Radheshyam Zanwar |1236 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 22, 2025

Question by priyansh - Feb 22, 2025Hindi

Career

Sir i m attempted my jee with nios board can i give it through cbse board next year

Ans: Hello Priyansh
No. But why you need to appear again via the CBSE board is not clear.

If you are satisfied with the reply, pl follow me or else ask again without hesitation.
Thanks
Radheshyam

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Question by Reetesh - Feb 22, 2025Hindi

Career

My son score 99.325 percentile in First session jee mains in general category what's opportunity for top 10 NIT and in which branch

Ans: Hello Reetesh
Congratulations on such a great score. I believe he can get the top 3 branches all the top 10 NITs. Many of the contenders above him will go for advanced. Considering this scenario he can get a good branch in all top 10 NITs.

Mayank Chandel |2037 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Feb 22, 2025

Asked by Anonymous - Feb 22, 2025Hindi

Career

Sir mane jee main session 2 ki fees fill kar di fir bhi incomplete problem a raha

Ans: Hello,
many times there are server issues & payment gateway problems, please check a day after. If it still shows unpaid then make the payment again. Your earlier payment will get refunded automatically.

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