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  Here are some exemptions, deductions and benefits that may ease financial responsibilities for taxpayers over 60 years.  Contents  [ hide  ] 1   1. The elementary exemption benefit 2   2. Benefits under medical insurance 3   3. Privilege on interest income 4   4. Exemption from filing ITR 5   5. No advance tax 6   6. Allowance for the treatment of specified diseases 7   7. Income Tax Return benefits 8   8. No tax under the Reverse Mortgage Scheme 9   9. Standard deductions from pension income 10   Related 1. The elementary exemption benefit Every individual in India, who falls under the income bracket to pay tax, is allowed some elementary waivers For senior citizens, the government has increased this basic exemption  limit up to ₹3 lakhs under both tax  regimes, effective April 1, 2023.   Super citizens get a higher advantage, considering their income and age. For them, this waiver is of up to ₹...

  In an effort to enhance transparency and combat illicit financial activities such as money laundering and tax evasion, the Indian Income Tax Act has laid down stringent regulations regarding cash transactions. These rules, aimed at monitoring large cash flows within the economy, are crucial for both individuals and businesses to understand and adhere to. Here’s a detailed exploration of the cash transaction limits and the taxation rules associated with them in India. Understanding Cash Deposit Limits Savings Account Regulations For individuals, the act of depositing cash into savings accounts is monitored closely. When cash deposits reach or exceed INR 10 lakh within a fiscal year, the transaction must be reported to the tax authorities. This measure is designed to prevent untaxed money from entering the financial system unnoticed. Current Account Considerations Businesses operating through current accounts face a higher threshold, with a reporting requirement set at INR 50 lakh....

  FASTag KYC updation deadline: The NHAI has taken this action in response to recent reports of the issuance of numerous FASTags for a single vehicle and the issuance of FASTags without KYC, which is against RBI requirement. Here is how to update FASTag KYC. The deadline for updating FASTags KYC is February 29; else, banks will deactivate/blacklist accounts that do not have comprehensive KYC details. The National Highway Authority of India ( NHAI ) has taken this step in response to recent reports of the issuance of more than one FASTag for single vehicles and the issuance of FASTags without KYC, which is against RBI requirements. FASTag charges compared:  HDFC Bank, ICICI Bank, SBI, Axis Bank, PNB, other top authorized issuers How to update FASTag KYC to upgrade from non – KYC customer to full – KYC customer Please update your KYC information by following these steps, according to the Indian Highway Management Company (IHML) website. Here is a look at how you can update your ...

  Atal Pension Yojana is one of the national pension schemes that is aimed at providing guaranteed monthly income to account holders. One can start investing at 18 years of age and can contribute until 60 years of age. The age for opening the APY account is between 18 and 40 years. Know how you can get a guaranteed monthly pension of Rs 1K, 2K, 3K, 4K and 5K under the APY scheme. Atal Pension Yojana (APY):  Retirement planning from an early age is important as it helps you achieve financial freedom at an early age. Secondly, it ensures you some monthly income in old age that decreases your dependency on others. With this view, the central government runs the Atal Pension Yojana, which gives a guaranteed income of Rs 1,000, 2,000, 3,000, 4,000, and 5,000 a month after one attains the age of 60. The pension you get depends on your monthly contributions before age 60. One can start investing money at the age of 18 and contribute until they are 60. However, only people aged 18–40 ...

  SBI Recruitment 2024: Annual Rs.24.50 Lakhs, Check Post, Vacancy, Qualification, Salary and How to Apply SBI Recruitment 2024: The State Bank of India (SBI) is hiring candidates to fill out the post of Circle Defence Banking Advisor (CDBA) on a contract basis. There is only 01 vacancy. In line with the official SBI Recruitment 2024 notification, the age limit for the assigned position should not be more than 60 years. As per the official notification of SBI Recruitment 2024, the selected applicant will receive a fixed Remuneration of Rs.24.50 lakhs per annum. The candidate will be assigned to Hyderabad in line with the official SBI Recruitment 2024 notification. According to the official notification of SBI Recruitment 2024, the applicant will be appointed for a tenure period of 02 years, CDBAs aged 62 years or less with satisfactory health conditions can be considered for re-engagement for a maximum period of 02 more years at the Bank’s discretion, but within the outer limit of ...

  Indian Railways Rule Changed: Now you can transfer your confirmed ticket to any other member of your family, TTE will not stop, Know new rules Indian Railways Rule Changed: If you do not have a confirmed ticket and if you want to travel on someone else’s ticket then this work can be done. Let us tell you that Indian Railways allows passengers to transfer their tickets to any other person. Let us know how you can take advantage of this facility. Indian Railways: If you do not have a confirmed train reservation ticket, but some other member of your family has a confirmed ticket. But if he is not able to travel due to any reason then you can travel on his ticket. This will have two advantages, you will be able to travel and you will not have to bear the charge of canceling the ticket. Railways has given this special facility. Let us know how you can take advantage of this special facility of Indian Railways. Special facilities for passengers Railway passengers often face this proble...

  The Income Tax Department of India has announced the Income Tax Return (ITR) Forms 1-6 for the Financial Year 2023–24 (Assessment Year 2024–25). Since the new forms have been released well in advance of the deadline, tax experts view this announcement as a proactive move by the Central Board of Direct Taxes (CBDT) to help taxpayers and streamline the filing procedure. Filing all ITR Forms 1 to 6 will be effective from April 1, 2024. The new changes introduced in AY 2024-25 ITR forms follow primarily from the amendments made to the Income-tax Act, 1961, as outlined in the Finance Act, 2023. For example, a new provision under Section 43B inserted into the Income-tax Act prohibits deductions for any amounts payable to micro or small businesses that are not paid within the MSME Act’s set time limit in order to guarantee timely payments to MSMEs. Notably, the deadlines for  filing ITR-2 and ITR-3 are set for July  31, 2024. However, individ...