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: 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.

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

Ans: Amount received by government employees from said funds are exempt from tax on retirement on fulfillment of certain conditions like category of PF fund, upper limit on contribution of employer, commuted pension etc

Ans: Under old tax regime, minimum tax exemption limit is Rs.2,50,000 for non senior citizen tax payer. So no need to pay tax as amount doesn't cross limit.