TaxTMI 
TaxTMI 
Advice sought for income tax exemption of senior citizen
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....dvice sought for income tax exemption of senior citizen<br> Query (Issue) Started By: - Debashish M Dated:- 27-2-2017 Income Tax<br>Income Tax<br>Hi, My mother is a senior citizen (71 years old). Her....
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.... annual income [which is from various FDs in banks] just about exceeds 3 lakhs by a whisker due to which she did not submit the Form 15H. And the bank is now deducting TDS to the tune of approximately....
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.... ₹ 8,000 /= every quarter, which amounts to ₹ 32,000 for the year. I have two queries: 1. As per the income tax rule, the rate of tax for senior citizens under the ₹ 3 to 5 lakhs s....
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....lab is given as 10% of the amount by which the taxable income exceeds ₹ 3,00,000/-. Now my mother's annual income exceeds the ₹ 3 lakh limit by just ₹ 12,000. Does this mean that....
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.... TDS will be applied ONLY on the ₹ 12,000? Why I am asking is because in the TDS certificate [Form 16 A] that the banks are sending every quarter, the tax being deducted is on the principal amou....
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....nts of the individual FDs. 2. How can my mother avail of the Section 80C to be exempt of all tax liability? For instance, I have a PPF account in my name. Can she deposit the same amount by which her....
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.... income exceeds the taxable income, in this case ₹ 12,000, into my PPF account in March this year? And since the TDS has already been deducted for 2016-17, by when does she have to file a return....
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.... to get a refund of the tax deducted? Thanks!<br> Discussion Forum - Knowledge Sharing ....