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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Mar 01, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Asked by Anonymous - Feb 22, 2023Hindi

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I am a senior citizen aged 68. I was working in a private company and do not get any pension. I had invested some small amounts and get quarterly payout . These were done in Banks. I get about 2 lakh a year in total. Do I have to file returns for AY 23-24? If so should I choose the old regime or new regime. I had saved some money, but all of it was scammed from me sometime in September -October.

Ans: If your total income in a year is less than Rs 3 Lakhs at your age, you are not required to file any Income Tax Return.

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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What should a Senior Citizen pensioner with a pension of Rs 20 Lakh choose, old regime or new regime of Income Tax ?

Ans: New tax regime is beneficial if all the tax benefits are not taken. For e.g. if income is 20 lacs and deductions u/s 80C is 150000 taken, tax liability will be Rs.300000 under new tax regime and under old it will be 367500.

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I am 80 years old getting annual pension of 12.7lakhs.i invest 1.5 lakhs in mutual fund.which option of old scheme or new scheme of taxation

Ans: New scheme is likely to be beneficial for you.

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I am 69 yrs old central govt.retired officer (scientist) getting pension of around 12 Lakhs per year. I have no investment for tax saving other than ELSS tax saving MF ( Rs.130000/-) per year and some medical expenses. I also generate some amount by interest in bank saving account and FD ( total around Rs. 45000/-) Whether I should file IT return in old regime or new one ?

Ans: 01. It is always better to work out tax under both systems to find out where you are benefited the most. You can accordingly decide your line of action.
02. On the basis of info provided in the question, tentatively new regime may be more suitable for you.
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Am retired 67 years old and I fall in 30% tax bracket.Most of my income is from bank deposits,SCSS,mutual funds etc.I do not have any property in my name.Please advise whether old regime is better or new regime.Currently filing on basis of old regime.

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It depends on your total income and amount of deductions you claim in a financial year.

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