Parm Dhillon
KF Rookie
Hi my mother age is 75 and her income from pension and interest is nearly 8 lacs. What is the criteria of taxation. Can she by a policy to get rebate from tax in this age?
Basic Exemption Limit: For the financial year 2023-24 (Assessment Year 2024-25), the basic exemption limit for senior citizens between 60 and 80 years old is Rs. 3 lakh. This means her first Rs. 3 lakh of income won't be taxed.8 lacs.
Interest Income Exemption: Up to Rs. 50,000 of interest income from bank deposits and other sources is exempt from tax.interest
Health Insurance Premium (Section 80D): Up to Rs. 50,000 for health insurance premium paid for herself, dependent parents (including you), and spouse can be claimed as a deduction. There are additional deductions for preventive health checkups.Can she by a policy to get rebate from tax in this age?
Apart from all the other deductions and tax slab rate... She can obtain lower TDS deduction certificate under 15G/ 15H, as TDS under 194P might be getting deducted on her pension and salary income.Hi my mother age is 75 and her income from pension and interest is nearly 8 lacs. What is the criteria of taxation. Can she by a policy to get rebate from tax in this age?