WELCOME KR On Fri, 3 Apr 2026 at 17:11, APS Mani <[email protected]> wrote:
> Thanks for the timely input. Mani > > On Fri, Apr 3, 2026 at 3:15 PM Rajaram Krishnamurthy < > [email protected]> wrote: > >> Senior Citizen Aged 60 to 80 >> >> or Above Must Know These >> >> New Tax Rules: Started From >> >> April 2026 >> >> Senior Citizen Eligibility >> >> SeniorCitizen Super >> Senior Citizen >> >> 60 to >> 79years 80 >> years or above >> >> ITR Filing Exemptions For Senior Citizens >> >> For FY 2026-27 seniors with income below these thresholds are not >> required to file Income Tax Returns (ITR): >> >> Regime >> >> Age >> group Exemption threshold >> >> New Regime >> All >> seniors (Above 60years) Up to ₹4 lakh >> >> Old Regime >> >> 60 >> to 79 years Up to ₹3 lakh >> >> Old >> Regime >> 80 years or above Up to ₹5 lakh >> >> ITR filing becomes mandatory only if: >> >> Deposit in savings >> account: >> ₹50 lakh or More >> >> Deposit in current >> account: >> ₹1 crore or More >> >> Business turnover: >> >> ₹60 >> lakh or above >> >> Professional Income: >> >> Exceeding >> ₹10 lakh. >> >> Total TDS + TCS + Combined: >> >> ₹25,000 >> or ₹50,000 >> >> Foreign travel expense: >> >> Exceeding >> ₹2 lakh >> >> Electricity bill: >> >> Above >> ₹1 lakh. >> >> Zero Tax with Rebate 87A or 156 >> >> Only the eligible residents can claim a full rebate if the total tax >> >> liability is within: >> >> New Regime Limit >> >> Old >> Regime Limit >> >> ₹12 Lakh >> >> ₹5 >> Lakh >> >> Max >> rebate₹60,000 >> Max rebate ₹12,500 >> >> Note: No tax for salaried and pensioner income upto ₹12,75,000 (i.e., >> standard deduction ₹75,000) under new tax regime and ₹5,50,000 (i.e., >> standard deduction ₹12,500) >> >> under old tax regime. >> >> Marginal Relief >> >> Here, marginal relief is to protect you from a sudden jump in tax when >> your income slightly above the rebate limit. >> >> Without marginal relief: If income is up to ₹12,00,000 then Tax is ₹0 >> >> But if income slightly above say ₹12,01,000, then Tax becomes ₹60,150 >> >> This means - a huge jump for just ₹1,000 extra income. >> >> With marginal relief, the government reduces your tax so that you never >> lose more in tax than what you gained in extra income. >> >> Formula: >> >> Marginal Relief = Tax calculated - Excess Income >> >> No Advance Tax Payment >> >> If you are a resident individual with age 60 years or above and do not >> have any income from business or profession are generally exempt from >> paying advance tax >> >> Exception: if a senior citizen earns income from a business or >> profession and their total tax liability is more than ₹10,000 in a >> financial year, they are required to pay advance tax like any other >> taxpayer. >> >> ITR Exemption for Age 75+ >> >> Seniors with age 75+ years must be residents and have only pension and >> interest income from specified banks (same bank for both; no post office, >> rent, business, capital gains, shares, multiple banks, or other income) are >> exempt from ITR filing. >> >> Ayushman Health Benefits for 70+ >> >> Seniors with age 70 years or above gets free health insurance under >> Ayushman Bharat. ₹5 lakh free treatment every year per family per year. >> Cashless treatment for almost all major illness such as - heart surgery, >> cancer, kidney issues, stroke, joint replacement. >> >> This scheme also covers hospital bills, ICU, medicines, doctor fees >> at empaneled government or private hospitals without paying any insurance >> premium. Only requires Aadhaar verification. >> >> Zero Tax on Two Self-Occupied Properties >> >> You can now treat up to 2 houses as self-occupied under section 21(7), >> even if you don’t live there. >> >> But: If you have own more than 2 houses, the extra one will be treated as >> rented (deemed rent) = taxable. >> >> TDS on Rent >> >> No 2% TDS on rent to seniors if monthly payment is less than ₹50,000 and >> annually up to ₹6 lakh. >> >> TDS Limits on Bank or Post Office Interest >> >> No TDS on interest up to ₹100,000 per bank wise. >> >> New Way to Avoid TDS on Interest using Form 121 >> >> Form 121 replaces the old 15G/15H forms into a single unified >> submission. Eligible residents with zero tax liability can submit this Form >> 121 to banks or post offices to prevent TDS deduction on interest income. >> >> Extended ITR filing and Revision Deadlines >> >> Category Old >> deadline New deadline >> >> Business/Profession(NonAudit Case) 31 July >> 31 August >> >> Partners of Non-Audit Firms 31 July >> 31 August >> >> Revise Return 9 months from the financial year i.e., 31stDecember12 >> months from the financial year i.e., 31st Marchwith applicable fee ₹1,000 >> or₹5,000 >> >> Updated Return Allowed AfterReassessment Notice Starting from >> 1st April 2026, taxpayers can file an updated return even after receiving a >> reassessment notice, which was not allowed earlier. This gives a chance to >> voluntarily declare missed income and pay tax with additional charges, >> helping reduce penalties and disputes. However, it comes at a higher cost >> and the reassessment process does not automatically close.No PAN >> Requirement for TDS onNRI Property PurchasesFrom 1st October 2026, no TAN >> is required if you are buying immovable property from Non-Resident seller. >> Now, you can deduct TDS directly on transfer of immovable property u/s >> 393(2)without applying for TAN. >> >> K Rajaram IRS 3426 >> > -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion visit https://groups.google.com/d/msgid/thatha_patty/CAL5XZopFBrdPF%2BFchYfxRvRJw8YDgXAesE7CMpe77%2BZjOP_iVw%40mail.gmail.com.
