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Mihir Tanna |1042 Answers |Ask -Follow

Tax Expert - Answered on May 18, 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

Asked by Anonymous - May 11, 2023Hindi

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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

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 recently retired after 60 years of age. Please inform how much I have to pay tax on the following: 1. I invested Rs 45 lakhs in FD and am earning interest of approximately Rs 25,000 per month. 2. I have nominal pension of Rs 2,090 per month. So, how much tax is applicable to me as a senior citizen? Please clarify.

Ans: For a senior citizen, income upto Rs 3 lakhs is not taxable. In this case, your annual income would be Rs 3.25 lakhs.

So Rs 25,0000 over the exemption limit would be taxed at 5 per cent.

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Asked by Anonymous - Apr 25, 2023Hindi

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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.

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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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Question by Dhivya - Mar 09, 2025Hindi

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Hello sir We are from Bangalore. My son is in 11th std PCMC group. He has choosen integrated coaching in school for JEE preparation. He has given many monthly test for Mains and Advance. He is scoring 50 or 55 out of 100 in Math in mains test . But in physics he is not scoring well. Chemistry ok not so bad as physics. How to motivate him to score more marks? And your opinions and suggestions for his upcoming tests. Thank you

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You need to find out whether he understands Physics well or not. If his understanding is okay, then there is problem with comprehension.
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If Chemistry is “ok,” keep it that way and aim to improve without overburdening him.
Focus more on NCERT-based revision, especially for Inorganic and Organic.

Some Thoughts for You as a Parent
Pressure vs Support: Try to avoid language that sounds like pressure (“You must score more in physics”). Instead, go with encouragement like “I know you can do it, let’s find what’s stopping you.”

Stress Breaks Are Vital: Encourage short breaks with music, a walk, or a favorite hobby.

Talk About the Bigger Picture: Remind him that this is not the only shot at success. Many paths lead to great futures. Take the pressure off and he'll naturally perform better.

I hope this helps. You can connect again in case you need any help.

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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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