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How Much Tax Will I Pay as a Senior Citizen with Bank Interest and Capital Gains?

Mihir Tanna | Answer |Ask -Follow

Tax Expert - Answered on Nov 16, 2024

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 Dipak on Nov 15, 2024Hindi

Money

Respect Sir I am a senior citizen. My gross income during FY 24-25 works out around Rs 7.5 lacs out of which Rs 5 lacs from bank interest. In addition to above, my LTCG earning during FY 24-25 is Rs 3.4 lacs How much will be my total tax liability under new tax regime considering. Rs 50,000/ as my standard deduction. Regards D chakraborty Delhi

Ans: Assuming 5 lacs as interest from FD and 3.4 lacs of LTCG is earned in 1st Qtr, tax liability under new tax regime will come to Rs.24960

Please note that 50k standard deduction is for salary/pension income and 50k deduction of Sec 80TTB is not available for new tax regime.

You can also calculate the same using income tax calculator available at https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator

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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Radheshyam Zanwar |1148 Answers |Ask -Follow

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

Question by Krish - Jan 19, 2025Hindi

Career

So my name is Krishna In year 2024 I passed my 12th with pcm and 87 percent in boards and cleared jee with 89 percentile ( without coaching,) As because of OBC I get admission in DTU But I denied to take admission in lower branch And I have a dream to become CGL inspector so I join coaching for CGL Instead of taking drop for jee but now sometimes I feel regret don't know why As I thought ki mujhe BTech kar leni chaiye thi Ya fir ab mujhe apni preparation chud kar khi private college ke BTech kar lu As Mujhe dar lagta rhta khi mai life me unsuccessful na rha jao As age bhi tho bhot badi chiz h now I am 18 and in june I turn 19 And bus yahi h pls mai bhot jyada overthinking karta hu pls tell ki maine CGL ke liye decision shi liya ya nhi

Ans: Hello Krish.
You are just 18 years old. There is no need to do everything at this stage. You already cleared the 12th Board and appeared for JEE once but scored in the lower percentile. Yet you got admission to DTU. But with a predetermined mind, you think the branch allotted to you is lower. Let me be clear, none of the branches is higher and lower. Every branch has equal opportunities. If you were unsatisfied with the allotted branch, why not opt for your favorite branch from another private college?
Suggestion: First you get admission to any good private college to B.Tech. and complete the engineering with your preferred branch. At least you will have a solid degree in your hand. While studying engineering, you can prepare for CGL, which would be a better option. Even if you fail to crack CGL, you will have B.Tech. degree in your hand. Do engineering and CGL preparation simultaneously. Many students follow this path and have success also.
Best of luck for the upcoming bright future.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

Kanchan Rai |501 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 22, 2025

Question by Aamir - Jan 22, 2025Hindi

Relationship

I have a relationship of three years ,my partner was so loyal to me she love me alot ,the arrange marriage not possible with her and also Court Marriage not possible with ..his family decided to of marry her .but 5 days before his marriage she ask me i will never live with out you but i do nothing because of co sequences....she get married..now her marriage have 10 days ...she will miss me ?

Ans: Your partner's expressed devotion to you before her marriage shows that the bond you shared was significant to her. It's likely she will think of you and miss the connection you had, especially as she navigates this new chapter. However, it's important to remember that her circumstances have changed, and she now faces her own set of challenges and adjustments.

For your emotional and mental well-being, it’s crucial to focus on processing your feelings. It's okay to feel the loss and mourn what might have been. At the same time, try to avoid getting stuck in the "what ifs" or self-blame. Instead, channel your energy into healing, understanding that you both had to make difficult choices given the circumstances.

If you find it hard to cope, seeking support from a counselor or trusted friends can provide a space to express your emotions and start to move forward. Remember, even in the midst of heartbreak, it's possible to find strength and clarity.

T S Khurana |306 Answers |Ask -Follow

Tax Expert - Answered on Jan 22, 2025

Question by Yash - Jan 20, 2025Hindi

Hello sir, Im yash from Vapi. My company has netprofit of 10cr and loss of 4 cr. Suggest me how much amount is taxable

Ans: Sir, Your question is not clear.
When your company is earning Net Profit of Rs.10.00 Cr, how it could incur loss at the same time.
Kindly ask question with full details.
Most welcome for any further clarifications. Thanks

Samraat Jadhav |2174 Answers |Ask -Follow

Stock Market Expert - Answered on Jan 22, 2025

Asked by Anonymous - Jan 17, 2025Hindi

Money

Why Kalyan jewellers shares going down daily

Ans: Kalyan Jewellers' stock prices have been declining due to a combination of factors. Here are some key reasons:

Allegations of Misconduct: There have been social media allegations suggesting misconduct involving fund managers at Motilal Oswal Asset Management Company (AMC) in relation to Kalyan Jewellers' shares. These allegations have created uncertainty and negatively impacted investor sentiment.

Promoter Share Pledges: Promoters Ramesh Trikkur Kalyanaraman and Seetharam Trikkur Kalyanaraman have increased their pledged holdings. Pledging shares is a common practice to secure loans, but it can also lead to selling pressure if margin requirements are not met.

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Stock Market Expert - Answered on Jan 22, 2025

Asked by Anonymous - Oct 25, 2024Hindi

Money

what is the target price of surana solar for long term..4-5 years?

Ans: Stock with Expensive Valuations with just 5% of margins in business this company will not go anywhere. for 4-5yrs it will be in the range of 35 to 75.

T S Khurana |306 Answers |Ask -Follow

Tax Expert - Answered on Jan 22, 2025

Asked by Anonymous - Jan 21, 2025Hindi

Money

How to save tax for income less than Rs 10 lakh?

Ans: Normal Tax Savings, like :
(a). U/S 80-C (Rs.1,50,000.00 (NSC, Children Education, Tax Saver FDRs, MFs (Equity based), LIC).
(b). U/S 80-D, Medical Insurance maximum amount for Senior Citizens (Rs.50,000.00).
(c). U/S 80-CCD NPS (Rs.50,000.00).
(d). U/S 80-TTA Interest Income maximum for Senior Citizens (Rs.50,000.00), Otherwise Rs.10,000.00.
(e). U/S 80-E Education Loan Interest Paid, if applicable to you.
(f). U/S 24-B, You can enjoy deduction if you are paying EMI of Housing Loan (Maximum Limit Rs.2,00,000.00).
Hope this info will serve your purpose.
Most welcome for any further clarifications. Thanks.

Anu Krishna |1452 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 22, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Relationship

Hello Anu ma'am Please help.URGENT I am a divorced working woman , with a daughter 8 yrs. I have been pursued for remarriage with a guy who is 10 yrs older to me and have 2 kids. 11 and 14 yrs respectively living in a small town. Initially it was agreed the elder child who is a boy would be living in hostel , but now since we are approaching near to the marriage, it seems the elder male child is going to stay at home and not hostel. This is making me really uncomfortable as I won't get much privacy also the male child is aggressive.Already handling one kid was difficult before. Also moving to small town was difficult transition from a metropolitan that I stay in. Moving there could mean losing job opportunities in future. I am really worried if I let this match go, I end up alone again. I am not able to make a decision, it's difficult to raise others children. It's just not naturally inbuilt in us.Although I try really hard to mould my thinking and be more generous, but somehow it suffocates me.

Ans: Dear Anonymous,
Second or subsequent marriages come with their own set of challenges; one being accepting the other person's reality from their past which is children.
Yes, you are right that it is never easy to accept and raise another person's child BUT hey it's also possible, right? Why go behind what's not possible and actually think what can be possible; especially because you seem to want this new marriage to work. Then make it work. Once you accept things for what is, you will figure out a way to manage your work and also your newer responsibilities. Life does not move exactly the way you want or wish, but if you focus on the good side of it, a lot of things that bother you become easier to handle. Actually, start to get excited about your new phase of life BUT if you are going into the marriage with conditions, it may get challenging. It's not fair to want one child and not want another. It disturbs their equilibrium and what they share with their father.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Patrick Dsouza |940 Answers |Ask -Follow

CAT, XAT, CMAT, CET Expert - Answered on Jan 22, 2025

Question by Jaikumar - Jan 21, 2025Hindi

Career

Hi Mr. Patrick my son is 20 years old he is in final year BBA in finance in NMIS university Vile Parle Mumbai. what exams he has to clear if he wants to do MBA in finance in India from IIMs, S P Jain and others reputed mba colleges. Also if he paln to do masters in finance in Australia what is the exam he has to pass. pl advice

Ans: For MBA in India from reputed colleges he has to write CAT and XAT. If he wants to go to Australia, it depends on the college he wants to join. Identify the college and see what exam they accept for admission. Some of them just require IELTS or TOEFL. Others may require GMAT or GRE based on the course you are interested in.

Anu Krishna |1452 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 22, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Relationship

I am a widow and mother of a 6 yr old special child. My daughter is going to an inclusive school with a shadow teacher. I came in contact with a divorcee 1.5 yrs back and we have mutual regard. Parents know this and they have left this decision on us...If we want to go ahead with marriage. The problem is...boy is unsure if he would be able to take up responsibility of father of a special kid. And if we go on to plan for another child, will I be able to manage two kids , one with special condition..taking care of special kid is also financially draining..also the guy is planning to relocate abroad...that would again be a challenge for me ..as taking care of special kid abroad is tougher as there will be no helpers available there..One option everyone is suggesting is to keep my kid in hostel..if keeping in boarding school is beneficial for her ..I don't have issue .but in india there are no such inclusive set up boarding schools..and I don't want to put her in a special school...what should I do? I was thinking to remarry only for emotional companionship..Should I just say no to marriage as there will be lot of compromises...and I don't want my kid to suffer because of this. I am earning enough for my kid and myself. Pls suggest

Ans: Dear Anonymous,
How exactly do you expect a special child to cope in a boarding school? I am sure that is something that has crossed your mind.
My questions for you:
Does it bother you that this man does not accept your life as is? If Yes, read on...
Does it bother you that you are the one who is making changes to accommodate this person? If Yes, read on...
Would you have liked it if he willingly had accepted your life as is? If Yes, read on...

Think about this a lot before you make a decision to be with him. There's a lot to think as a parent and he isn't one and may never get the point of how your life is. Take you time before you decide anything...

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1452 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Jan 22, 2025

Asked by Anonymous - Jan 19, 2025Hindi

Relationship

Hi Maam, i have a long distance relationship about 4 yrs. We are good relationship and are not a same caste. This week My bf told me their parents bring a relation for him at home without telling him before ,for an arrange marriage . He denied it and argue with them. He told them about us. There is lots of argument between them.Their parents didn't agree. Even He stop talking to their parents now . He cant convince them. Their parents still dont listen to him. He is the youngest son to their family. Now ,he is very tension and frustrated . I dont know what to do. But he still stand for me that he wants to marry not any other girl. Pliz suggest me

Ans: Dear Anonymous,
Isn't this a question that you should be asking your boyfriend/partner? The challenge is from his side of the family, right? So, what does he have to say about it.
Being tense and frustrated does not solve anything...how is he planning on working with parents on this? Does he have a plan in place for this? You possibly need to talk to him and together plan on how to guide his parents to like you; someday! Work together as a team on this and you will be surprised at what results it may bring.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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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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